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September 2, 2014, 11:41 pm
970 WMAY News

House Committee Approves Millionaire Surcharge, Rejects Progressive Tax Proposal


An Illinois House committee has approved House Speaker Mike Madigan’s proposal to impose a three-percent tax surcharge on incomes of over $1 million.

 

Republicans opposed the proposal, saying it will penalize success and drive more businesses and business owners out of the state.

 

But Madigan says the plan will generate a billion dollars in year in needed revenue for schools. The measure now goes to the full House.

 

In a separate vote, committee members rejected another constitutional amendment… one which would have moved Illinois from its current flat tax to a progressive system where bigger earners would pay a higher rate.

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