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Illinois Speaker Wants A Special Tax On Millionaires

Illinois House Speaker Michael Madigan is calling for a tax on millionaires.

What would he do with that money?  He says a proposed income tax surcharge would help fund education. Madigan wants a 3% surcharge on the over 13,000 people in Illinois with adjusted gross incomes of more than $1 million.

Madigan estimates the tax would add-up to about $550 for each student in grades K-12, or $1 billion a year for education.


Iowa, Kentucky, Missouri and Wisconsin have a similar tax in place.