News

Madigan Drops Idea for “Millionaire Tax”

Madigan Drops Idea for “Millionaire Tax”

Photo: Newsradio WTAX

Michael Madigan’s spokesman says the Illinois House speaker is withdrawing a plan to tax millionaires in the state.

Madigan blames Republicans who wouldn’t support the proposal. Brown says Republicans “prefer and protect millionaires over school children.” But Democrat state Rep. Scott Drury also expressed concerns about the plan.

Madigan wanted to put a constitutional amendment on the November ballot that would have added a 3 percent surcharge onto incomes over $1 million. He said it would raise an estimated $1 billion annually for schools. The proposal needed a three-fifths majority in both chambers to be placed on the general election ballot.

Republicans said the tax would hurt small businesses and farmers.

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