Attempt To Surtax Millionaires Fails In Illinois House

Apr 20, 2016

An attempt to add a surtax on Illinois millionaires failed in the Illinois House today.

Credit Flickr user Pictures of Money / "Money" (CC BY 2.0)

House Speaker and Democrat Michael Madigan has backed the idea that would raise more money for schools. 

Illinois now has a flat tax on everyone. Madigan wants a 3-percent additional tax added on income above one million dollars. 

Voters went along with a statewide advisory referendum on the issue in 2014.

Madigan: "It's time to listen to their voice, not the voice of the 1-percenters."

However Republicans like Dwight Kay of Glen Carbon say it would cause job creators to go elsewhere.

Kay: "I'm sure as Florida hears this debate, they're saying Welcome To Florida."

Democrats disputed that notion but the measure fell three votes shy of passing. 

An effort to create a graduated income tax structure, which would raise taxes on the wealthy, is still under consideration.