One of the top Democrats in the Illinois legislature is calling for a "millionaire's tax." House Speaker Michael Madigan says the money would help fund elementary education.
The tax would apply to all income over a million dollars a year. Madigan says he expects that would generate about $500 per student -- and that's just how the money would be distributed: per student, to wealthy and poor school districts alike.
"We've struggled with the funding of schools since the financial meltdown in '07 and '08."
Madigan says millionaires are better equipped to support education in Illinois. And, as a wealthy lawyer himself, he should know:
"Do I make a million dollars in a year? To answer your question: in a good year I would be subject to this."
Because the tax would require changing the Illinois Constitution, even if approved by lawmakers, voters would have final say at the November election.
A leading anti-tax group was quick to denounce the proposal, saying it would drive up Illinois' already-high unemployment.