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.
For more, go here: http://www.huffingtonpost.com/2014/04/09/illinois-millionaire-tax_n_5121259.html?utm_hp_ref=chicago&ir=Chicago.