A measure giving Illinois voters the opportunity to consider a millionaire’s tax is one step closer to the November ballot.
The proposal for a state constitutional amendment would raise the tax rate on income more than $1 million from 4.95% to 7.95%.
State Rep. La Shawn Ford argued in favor of his resolution before the House Revenue and Finance Committee.
Half the revenue collected from the millionaire’s tax would be used for property tax relief. The other half would go to public school districts on a per-pupil basis.
Taxpayers’ Federation of Illinois President Maurice Scholten said he does not oppose a graduated income tax, but he does oppose having a dollar amount in the state constitution.
The resolution heads to the House floor after passing out of committee by a partisan vote of 13 to 7.
Story from Illinois Radio Network
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