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

Springfield Opens New Park

Fresh
3-26-15 Playground

Children wasted no time Thursday morning running to play in the new "Bounties of Nature" playground at Center Park in Springfield, once it officially opened.

in Local

Former U.S. Rep. Jackson Leaves Prison

Fresh
FILE - In this March 9, 2012 file photo, Rep. Jesse Jackson Jr. , D-Ill., and his wife, Chicago Alderman Sandi Jackson, ask each other for their support and votes as they arrive at a polling station for early voting in Chicago. The sweep of Jesse Jackson Jr.'s life, from golden boy who could be president to broken politician, will be laid out for a federal judge in Washington, D.C., Wednesday, Aug. 14, 2013, as she sentences him and his wife for misusing $750,000 in campaign money on a gold-plated Rolex watch, mink capes, mounted elk heads and other personal items.

Jackson will serve the remainder of his sentence at a Washington, D.C., halfway house.

in Local

Legislature Passes Budget Fix, Governor Says He’ll Sign

Fresh
money pile

The Illinois Legislature has approved a plan ending weeks of negotiations over plugging a $1.6 billion hole in this year's state budget.

in Local

Schock Leaves Congress with “Humility, Sadness”

schock

Congressman Aaron Schock says he is leaving Congress with sadness and humility.

in Local

Macoupin County Man Arrested on Child Porn Charges

Updated
jail

Madigan's office says the arrest of Timothy Saxton, 37, is the 75th since her office started what's called "Operation Glass House".