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August 29, 2014, 9:03 am
970 WMAY News

Madigan Proposes Surcharge for Millionaires to Fund Education


Illinois millionaires could pay substantially more in taxes… to help pay for public education… under a plan being floated by House Speaker Mike Madigan.

 

Madigan wants to amend the Illinois Constitution to allow a three-percent surcharge on that portion of a millionaire’s income above the first million.

 

He says the proposal would generate an extra billion dollars a year for education.

 

Under his formula, that would translate to more than $8 million new dollars for Springfield schools. Madigan predicts millionaires won’t object to carrying more of the load for something as important as education.

 

But GOP nominee for governor Bruce Rauner believes Madigan’s plan is a first step toward higher taxes for all Illinoisans

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