News Alert
Victim in Tuesday’s Skokie Shooting is Identified

Should Illinois Raise Taxes on Anyone Making $1 Million or More?

To raise $1 billion for schools, Speaker Mike Madigan wants a constitutional amendment to impose a millionaire income-tax hike. What do you think? Vote in our poll.

Should Illinois raise $1 billion a year for public schools by raising the income tax on anyone making $1 million a year or more?

House Speaker Mike Madigan is pushing a constitutional amendment for the Nov. 4 ballot that would raise the income tax on million-dollar earners an additional 3 percent over the current 5 percent tax rate.

Key points to know include:

  • 13,675 millionaires live in Illinois (are you one of them?)
  • all income up to $1 million would be taxed at 5 percent
  • everything over $1 million would be taxed an additional 3 percent
  • $550 more per year would be raised for each public school student
  • the proceeds would be divided by student instead of by district
  • three-fifths of the Illinois House and Senate must approve the amendment by May to get it on the November ballot

“We’ve done this because we feel that the millionaires in Illinois are the ones that are better equipped to support education than others," Madigan said.

The four-year "temporary" income tax increase is due to expire at the end of 2014. If it lapses, the income tax rate would drop back to 3.75 percent — and the state would lose $4 billion a year in tax revenue. Madigan's proposal assumes the "temporary" hike remains.

Senate Republican Leader Christine Radogno of Lemont said: “Illinois Democrats’ answer to everything continues to be taking more money out of taxpayers’ pockets.”

Related Reading

What do you think? Sound off in the comments. This post appears on all Patch Chicago sites.

Grumpy Old Man March 31, 2014 at 12:23 PM
Sure, and you were right to do so. My comment was reflected your quote in a subsequent comment which isolated a single thought which didn't, in my opinion, really reflect the tenor of the article.
Doremus Jessup March 31, 2014 at 12:31 PM
" Research conducted by sociologists Cristobal Young at Stanford University and Charles Varner at Princeton University for the Stanford Center on Poverty and Inequality found that "millionaire migration" due to tax increases is simply a myth." From this source http://mediamatters.org/research/2012/12/10/foxs-varney-wrong-about-millionaires-fleeing-ca/191766
Gary March 31, 2014 at 12:48 PM
The only myth we've confirmed in Illinois is that raising our taxes would solve our fiscal problems.
Doremus Jessup March 31, 2014 at 12:55 PM
A little off topic. This is interesting. Go to the poll at the beginning of the article in the green field right click, hit settings, then click the second box on the bottom, them tell me what you think of that?
ayar March 31, 2014 at 01:01 PM
"Phaedrus Pirsig March 29, 2014 at 08:51 AM Ayar, you do know every time you give yourself a thumbs up it shows in every one else's news feed as a different color right?....Just giving you a heads up." - Phaedrus, thank you for confirming my previous posts. I was doing that to actually confirm that I POSTED. My posts are getting deleted in a pretty steady manner. There was nothing in them that warranted deletion, other than links to valid news sources such as the sun times, guardian, huffington post, etc. who "culls" posts to fit their own dogma, dude ?


More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »