millionaire's tax

As the May 31st deadline for passing a new budget looms, Governor Rauner and the Legislature continue to bicker.  John O'Connor of the Associated Press joins the panel this week.


As Illinois lawmakers grapple with a budget shortfall, a measure to impose a tax on millionaires' income came up short.

Adding a surcharge to income over a million dollars to raise more money for Illinois schools was a concept Democratic House Speaker Michael Madigan introduced last year, but there wasn't enough support.

Now, as Illinois faces a $6 billion budget gap, he's brought it back.

"We're simply asking those that have done well in life to help our educational system," Madigan said.

But his effort came up short, by three votes.

Amanda Vinicky/WUIS

Illinois lawmakers are debating whether the wealthy should take on a bigger tax burden.

Democratic House Speaker Michael Madigan first surged the idea before last year's election, when .01-percenter Bruce Rauner was just a candidate.

Now, with Rauner as governor and calling for widespread cuts, Madigan has brought it back. He proposes adding a three-percent surcharge on all income over a million dollars, with the revenue going to schools.

Amanda Vinicky

Thirty-eight days into his term as Illinois' governor, Bruce Rauner yesterday delivered his much-anticipated budget address. Amanda Vinicky recaps the financial reckoning.

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Dan LoGrasso / WUIS

This week, discussion of the so-called "Millionaire's Tax" advisory referendum on the November ballot.  Also, ethics violations at the State Fair.

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  This November, Illinois voters will be asked whether millionaires ought to pay more in taxes. The plan is being sold as a way to raise money for education. But opponents see more political motives.

Governor Pat Quinn signed the measure at a suburban elementary school on Tuesday.

The so-called "millionaire's tax" would rake an additional three percent off personal income greater than a million dollars ... with that money going exclusively to schools.

House Speaker Michael Madigan wants voters to weigh in on his so-called "millionaires' tax" at the November elections.

The referendum would ask if income greater than a million dollars should be taxed an additional three percent, with the money going to schools.

Earlier this year, Madigan tried to put this before voters as a constitutional amendment, but he says there wasn't enough support in the House.

Host Jamey Dunn and guests Charlie Wheeler (UIS) and Patrick Yeagle (IL Times) discuss two constitutional amendments headed for the ballot: voting rights & victim rights, the death of Madigan's millionaire tax, Senator Manar's school funding proposal, and Rauner and his run in with Bill.

Host, Amanda Vinicky and guests Kent Redfield (UIS) and Charlie Wheeler (UIS) analyze the Governor's Budget Address. Focusing on the proposal to increase income tax, property tax relief, and the millionaire's tax.

  A tax on millionaires is advancing through the General Assembly ... at the expense of a progressive income tax.

The so-called "Millionaire's Tax" would levy a three percent surcharge on income over a $1 million. House Speaker Michael Madigan says that should raise about a billion dollars, which Illinois would send exclusively to schools.

"My judgment was that it helps education and it calls upon those in the society that are better able to help fund education than others."