News

Speaker Madigan Proposes Millionaires’ Tax for Education

Speaker Madigan Proposes Millionaires’ Tax for Education

Illinois House Speaker Mike Madigan (D-Chicago) says voters ought to consider an extra income tax on millionaires – a three percent tax on all income after your first $1 million.

That money would be distributed to elementary and secondary districts on a per-student basis,” Madigan told a Capitol news conference, “not the current distribution formula. We estimate that this will result in about $550 per student.”

If supermajorities of both chambers approve, it would be a constitutional amendment on this November’s ballot in Illinois.

Madigan suggested many of the legislature’s Republicans represent districts in which few, if any, millionaires reside, so perhaps those lawmakers will go for it.

Coincidence or not, Illinois Republicans just nominated for governor a man who made $53 million in 2012.

Bruce Rauner’s campaign manager says helping schools is one thing – Rauner’s done that for years. But the real issue, a statement says, is that it may be a gateway to raising taxes on everybody.

In a good year, I would be subject to this” new tax, said Madigan, who in real life is a tax attorney specializing in getting clients’ property tax bills reduced.

Recent Headlines

in Entertainment

Love is not dead: Will and Jada aren’t divorcing

23-overlay

"Men in Black" star Will Smith took the unusual step of publicly shooting down a report that he and his actress wife of 17 years had decided to divorce.

in Music, Entertainment

Gwen and Gavin are calling it quits

gwengavin

Is "The Voice" ruining marriages?

in Trending, Viral Videos

TODAY’S MUST SEE: When a giant crane lands on your house

24-overlay2

Two construction cranes and a portion of a bridge being replaced in the Netherlands came crashing down, landing on nearby homes.

in Entertainment

Today in entertainment history: Aug. 4

dirtydancing

A walk down Hollywood's memory lane.

in Entertainment, Sports

Ronda Rousey biopic in the works

rrousey

Paramount executives have picked up the rights to the 28-year-old's autobiography.