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September 2, 2014, 4:20 pm
970 WMAY News

Madigan Proposes 3% Surcharge On Millionaires' Incomes


House Speaker Mike Madigan is proposing a three-percent surcharge on the income of Illinois millionaires… a move that he says could raise a billion dollars next year for school funding in the state. 

 

Madigan’s proposal would tack on the additional three-percent only for that portion of an individual’s income above the million-dollar threshold.  Data from the speaker’s office says that even with the surcharge, the overall tax obligation for people making $1 to 2 million a year would still be lower than in most neighboring states. 

 

Under Madigan’s proposed distribution formula, that tax surcharge, if approved, could mean an additional $8 million for Springfield schools.

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