Illinois House Speaker Michael Madigan today is calling for an income tax surcharge on millionaires, raising the stakes amid hot fights over who should be governor and how to balance the state's books.The greed of Illinois Democrats knows no bounds. Nothing will energize an election in Cook County like raising taxes for their coalition of rent-seekers.
In a statement and a news conference, the powerful speaker from Chicago said he will introduce legislation calling for a vote this November on a constitutional amendment to allow a 3 percent surcharge on individual income above $1 million.
Mr. Madigan said the measure, if approved by lawmakers and then in a referendum, would raise about $1 billion more a year for schools, being distributed to every Illinois district on a per-pupil basis in 2015.
Thursday, March 20, 2014
Illinois Democrats Prepare to Raise Taxes on Millionaires : Boss Madigan Wants More Money For Public Education
Crain's Chicago Business reports:
Posted by Steve Bartin at 2:55 PM