State lawmakers could consider "Millionaire's Tax" proposal next week

SPRINGFIELD - State lawmakers could vote on a proposal next week that aims to amend the Illinois Constitution to allow a surcharge on incomes greater than $1 million.

Under the proposal, a three percent tax surcharge would be applied to annual incomes of more than $1 million.  According to Illinois House Speaker Michael Madigan, the surcharges could generate up to $1 billion in revenue, which would be used to help education funding.  

Voters also approved the surcharge in a non-binding ballot question in the November election.  However, a similar proposal failed to garner enough support in the Illinois House last year.

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