Some believe 'millionaire tax' will help southern Ill. school di - KMOV.com

Some believe 'millionaire tax' will help southern Ill. school districts

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(KMOV.com) - School officials in southern Illinois may be holding their breath on a vote this fall that could pump more money into their districts.

A referendum on the Nov. 4 ballot aims to impose a 3 percent tax on all income over $1 million dollars, with the money dedicated for education.

"We're at the point where we've cut just as much as we can cut,” says Cahokia superintendent Arthur Ryan. 

Ryan says part of the problem is the reduced funding from Springfield in recent years.

State Representative Jerry Costello III says too much state funding is going into northern Illinois at the expense of southern Illinois and the referendum would, he says, start reversing that flow of money since there are more wealthy residents in the Chicago area.

Costello says the funding formula under the millionaires tax would help keep districts downstate afloat.

“So in my district there are almost 20,000 kids so this means close to 11 million dollars coming into my district at 550 dollars per pupil."

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