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IL House Speaker Michael Madigan (AP Photo)

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.

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