millionaire's tax

State Week
2:02 pm
Fri August 1, 2014

Listen to State Week - August 1, 2014

Credit 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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Millionaire's tax
5:27 pm
Tue July 29, 2014

Governor Approves 'Millionaire's Tax' As Advisory Referendum

Credit Wikimedia Commons

  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.

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Statehouse
3:25 pm
Thu May 22, 2014

Speaker Wants 'Millionaire Tax' Referendum

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.

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Millionaire's tax
4:43 pm
Thu March 27, 2014

Madigan's 'Millionaire's Tax' Passes Legislative Hurdle

  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."

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