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IL Speaker Proposes Millionaire Tax For Education Funding

Thu, 20 Mar 2014 16:15:33 CDT
By: AP

Illinois House Speaker Michael Madigan wants millionaires to pay a 3 percent surcharge for education. The Chicago Democrat says the plan would raise $1 billion a year for elementary and secondary education. It would be paid out on a per-student basis, about $550 per child. The proposal would need supermajority support from both the House and Senate to go on the ballot this fall as an amendment to the Constitution. Any income over $1 million would be taxed an additional 3 percent. Madigan dismissed the idea that he was taking a shot at Bruce Rauner, the multimillionaire businessman who is the Republican nominee for governor. Madigan says he has supported every tax for education in 44 years in the House.

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