News

Madigan’s Millionaires Tax Advances; Graduated Income Tax Fails

Madigan’s Millionaires Tax Advances; Graduated Income Tax Fails

Photo: Newsradio WTAX

Whether you think a tax on millionaires is a good idea may depend on how many millionaires you know.

“I don’t have too many folks down there (where I live, southern Illinois) making $1 million,” said State Rep. John Bradley (D-Marion), chairman of the House Revenue and Finance Committee. “We’re talking about employment and putting people to work. We’ve got to educate our kids. I’ve got my 13-year-old son here today, and he’s worth as much as a kid in the rest of the state.”

The proposal, fronted by House Speaker Mike Madigan (D-Chicago), would add a three percent surcharge to all of one’s income after the first million. The money would be distributed to Illinois school districts at a rate of approximately $550 per student.

The proposed constitutional amendment passed the committee on a party-line vote, but another one – setting up a graduated tax but now lacking a rate structure on paper – did not. Some Democrats voting against it believed it simply needed more work, while another would rather see Illinois stay with a flat tax with fewer exemptions – and have the federal government follow.

A progressive tax amendment is alive in the Senate.

As representatives voted down the proposal in committee, hundreds of demonstrators were steps away, chanting for a graduated tax.

HJRCA 33 (progressive tax) failed to pass the House Revenue and Finance Committee.

HJRCA 51 (millionaires tax) has passed the House Revenue and Finance Committee.

Recent Headlines

in Local

IHSA Being Sued

ihsa

The Illinois High School Association is being sued for refusing to release details about its finances

in Local

Indictments Handed Down in Downtown Murder

jail

In jail on unrelated charges

in Local

Quinn Takes Issue With Latest Rauner Ad

Bruce Rauner (R), Pat Quinn

Governor says ads misleading

in Local

Korean War National Museum Rededicated

korean_war_dedicate

The Korean War National Museum in Springfield was re-dedicated the same way Fighting in the Korean War ended... with Marine Bob Ericson playing taps on his bugle.

in Local

Quinn Campaign Blasts Service Tax Proposal

Bruce Rauner (R), Pat Quinn

The Quinn campaign says it’s against the sales tax on services proposed by Republican governor candidate Bruce Rauner.