Illinoisans support tax surcharge on millionaires - KMOV.com

Illinoisans support tax surcharge on millionaires

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By Brendan Marks By Brendan Marks

CHICAGO (AP) -- Voters in Illinois have supported the idea that millionaires in the state should pay more for education.

The non-binding referendum proposed a 3 percent income-tax surcharge on anyone making more than $1 million a year.

The idea launched by Democratic House Speaker Michael Madigan of Chicago would raise approximately $1 billion annually for schools. That’s based on Internal Revenue Service data that shows Illinois had over 14,500 tax returns in 2011 from households with adjusted gross incomes of at least $1 million.

Republicans decried the measure as yet another political ploy by Democrats to drive party faithful to the polls in a year when Democratic Gov. Pat Quinn faced a heated challenge from Republican businessman Bruce Rauner.

Madigan attempted to get lawmakers to approve the tax, but it stalled.

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