Illinois House Speaker Halts Planned Tax On Millionaires

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    An effort to tax Illinois millionaires is on hold after the state’s powerful House speaker couldn’t get enough votes to push his plan through the Democratic-controlled Legislature.

    House Speaker Michael Madigan blamed Republicans who “prefer and protect millionaires over school children,” his spokesman said Wednesday.

    The proposal sought to tack a 3 percent surcharge onto income of over $1 million, which Madigan said would raise $1 billion annually for elementary and secondary education — or roughly $550 per student. The money would be distributed to schools based on the number of students they serve.

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