A proposed millionaires tax was shot down late Wednesday in the Illinois House of Representatives. Democrat leadership said they weren’t able to get enough votes together, but they aren’t giving up yet.
Proposed House Joint Resolution Constitutional Amendment 21 would have raised the tax rate on income earned more than $1 million from 4.95% to 7.95%.
Tax dollars brought in would have been split equally between property tax relief and school funding.
Despite not gathering a large enough coalition to pass the tax before the deadline, House Speaker Emanuel “Chris” Welch said his caucus will not be giving up.
House Republicans stood strong against the tax, questioning the feasibility of proposed tax relief.
In a statement Wednesday, Republicans said Democrats should take action to pass their initiative to fund property tax relief grants for school districts across the state.
Since the House will not return until after the deadline to put a millionaires tax on the ballot in November, the proposal may not be brought back to the floor by Democrats for another two years.
Story from Illinois Radio Network
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