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October 23, 2014, 8:48 am
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The Council Roundup

The Council Roundup, Wednesdays at 10 with Bishop On Air


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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