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Millionaire Tax Advances in Illinois House

Millionaire Tax Advances in Illinois House

A plan by the Illinois House Speaker to raise the tax for millionaires in Illinois advanced Thursday in the Illinois House. One day after Governor Quinn proposed making the temporary , 67 percent state income tax hike permanent, the Democratic controlled Illinois House Revenue Committee along a party line vote okayed the controversial idea. Democrats plan to use the increase to help cash strapped schools as an election year theme while Republicans, who oppose the idea, say it's breaking a promise Democrats and the governor made when the tax went into effect that it would only be temporary. Soon after endorsing Mike Madigan's proposal, the same panel rejected a proposed constitutional amendment which would have given voters a chance to weigh in on a plan to replace the state's flat income tax rate with a graduated income tax rate. Business groups oppose keeping the income tax hike permanent, fearing it will kill small businesses.
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