SPRINGFIELD – A proposal to impose an additional tax on millionaires is advancing in the Illinois Legislature.
A House committee voted 6-4 along party lines Thursday to approve Democratic House Speaker Michael Madigan's proposed constitutional amendment. It would tack a 3 percent surcharge onto income over $1 million.
The measure now advances to the House floor.
Madigan says the tax would raise $1 billion a year for elementary and secondary education — about $550 per student.
Republicans say the tax unfairly penalizes Illinois' most successful residents.
The issue is expected to be a focal point in the race between Democratic Gov. Pat Quinn and Republican Bruce Rauner, a wealthy businessman.
The candidates present starkly contrasting visions of how to fix Illinois' lagging economy and improve state finances.
The legislation is HJRCA51