SPRINGFIELD – Illinois House Speaker Michael Madigan wants millionaires to pay a 3 percent surcharge for education.
The Chicago Democrat said Thursday that the plan would raise $1 billion a year for elementary and secondary education. It would be paid out on a per-student basis – about $550 per child.
The proposal would need supermajority support from both the House and Senate to go on the ballot this fall as an amendment to the Constitution.
Any income over $1 million would be taxed an additional 3 percent.
Madigan dismissed the idea that he was taking a shot at Bruce Rauner – the multimillionaire businessman who is the Republican nominee for governor. Madigan says he has supported every tax for education in 44 years in the House.
In a statement emailed to the Northwest Herald, state Rep. David McSweeney, R-Barrington Hills, blasted the proposal.
"This tax increase proposal is bad for Illinois and continues our shameful tradition of punishing job creators,” McSweeney said. “It seems that some people aren’t satisfied with Illinois’ embarrassing rate of out-migration, they want to amend the Constitution to drive even more employers out of the state. Make no mistake about this job-killing legislation – it would hurt small business owners that pay taxes at the individual income tax rate. Many small businesses, which account for 80 percent of new jobs in Illinois, are set up as Subchapter S, Limited Liability Companies or partnerships, and pay taxes at the individual rate.”