News

Quinn Signs Millionaire Tax Referendum

Quinn Signs Millionaire Tax Referendum

Photo: Newsradio WTAX

Voters will be able to weigh in on a proposed tax on millionaires this November.

Gov. Pat Quinn has signed legislation that will put a non-binding referendum on the ballot, asking whether the state’s constitution should be amended to add an additional 3 percent tax on all income over $1 million. Quinn dismisses the argument that the real goal is to increase Democratic turnout on Election Day.

“Well I’ve been fighting for this particular reform for a long time,” Quinn said. “I think our tax system should be fair and based on ability to pay. That’s a principle as old as the Bible.”

Quinn says if the tax was put into place, it would generate an extra $1 billion annually, which would be distributed to schools based on their student population.

A bill for a similar binding referendum to amend the state’s constitution failed to gain enough support in the legislature.

Recent Headlines

in Music

McCartney debuts Wings song featuring Led Zep drummer

Fresh
paulmccartney

Fans can download a previously unreleased version of Wings' "Beware My Love" featuring late drummer John Bonham.

in Music

George Harrison’s childhood home sells for $249K

Fresh
georgeharrison

A Beatles fan from London is now the owner of the guitarist's former home, where he rehearsed with his bandmates before they found fame.

in Entertainment

Fashion icon Oscar de la Renta dead at 82

Fresh
oscardelarenta

He dressed American first ladies and Hollywood stars, to become one of the most sought-after designers of the last half-century.