House Speaker Michael Madigan Thursday proposed a new income tax on millionaires in a move that seems rooted as much in helping the state’s crippled finances as in taking a political potshot at wealthy Republican gubernatorial hopeful Bruce Rauner.
Madigan, D-Chicago, who rolled out his plan during a press conference at the Capitol, wants those making $1 million or more to pay an additional 3 percent in state income tax atop the existing 5 percent rate, which is due to drop to 3.75 percent next January without legislative intervention.
“Over the last several years, every area of Illinois has experienced school closures, teacher layoffs and classroom cuts due to reduced education funding that has been forcedby a crowding out of state revenues,” Madigan said in a prepared statement.
“This is not a complete solution to our education funding issues, but it is a fair and equitable way to reverse a decline brought on by the natinoal econmoic problems and will help address a number of spending pressures that vary among school districts.”
