Madigan proposes 3% tax on millionaires


SPRINGFIELD -- The most powerful Democrat in the Illinois House proposes a tax on millionaires.

House Speaker Michael Madigan introduced a constitutional amendment to tack a 3% surcharge onto incomes over $1 million. He says it would raise $1 billion a year for elementary and secondary education -- about $550 per student.

This comes just two days after Republicans chose a multimillionaire as their candidate for governor. Republican Bruce Rauner is a wealthy private-equity investor.

Rauner's race against Democratic Gov. Pat Quinn could be one of the nation's most competitive governor races. The two candidates back starkly contrasting visions of how to fix Illinois' lagging economy.

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