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Additional tax on Illinois millionaires advances

Published: Thursday, March 27, 2014 11:58 a.m. CST • Updated: Thursday, March 27, 2014 12:03 p.m. CST

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.

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The legislation is HJRCA51

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