at least illinois is gonna tax millionaires.

[mopinko]

* From a press release

House Speaker Michael J. Madigan on Thursday laid out a plan to increase funding for schools across the state by $1 billion a year with dollars generated by imposing a tax surcharge on millionaires.

“Over the last several years, every area of Illinois has experienced school closures, teacher layoffs and classroom cuts due to reduced education funding that has been forced by a crowding out of state revenues,” Madigan said. “This is not a complete solution to our education funding issues, but it is a fair and equitable way to reverse a decline brought on by the national economic problems and will help address a number of spending pressures that vary among school districts.”

Under Madigan’s proposal, individual income up to $1 million would continue to be taxed at the current personal rate. Any income over $1 million would be charged an additional 3 percent. The additional funding raised for Illinois schools would be distributed on a per pupil basis to every school district. Funding would be based on 2014 income tax liability and distributed to schools in 2015.

“This plan brings long overdue fairness to the state tax structure and provides a needed boost to education funding to help give our children more of the resources they need to succeed,” Madigan said. “Some districts may see a need to use these resources for capital construction, while others will want to offer local property tax relief. Illinois is not a one-size-fits-all state and this increase on millionaires recognizes the need for school districts to set their own priorities when spending state dollars.”

In recent days, the Speaker has briefed legislators on the proposed amendment. He hopes to present his amendment before a committee in the coming days and gain full House and Senate approval in time to place the question on the November general election ballot. Constitutional amendment questions must pass by May 5 in order to be placed on the fall ballot.

Even with the increase, the state tax rate on millionaires would not be out of line with tax rates in surrounding states

http://capitolfax.com/2014/03/20/madigan-3-surcharge-on-income-over-1-million/

not that i believe the sucker. but if he says it, it usually happens.

[TexasTowelie]

1. But all the millionaires will move away from Illinois.

(Channeling my teabagger relative's snark).

[mopinko]

2. yeah. who wants glittering downtown towers when you could have

3% more millions. i am sure they will flock to the hills of indiana, and rake in the big bucks doing big business in cincinnati.

[bullwinkle428]

3. Unless the Repuke Rauner (billionaire w/ ties to Rahm) gets in this fall as governor.

[mopinko]

5. yeah

they'll probably get it done before the election.
he wouldn't pass it, but i suspect he will be happy to take the extra money.

[hfojvt]

4. it's a step

but I would propose .5% on income over $182,000, and another .5% on income over $445,000 and another .5% on income over $1,000,000.

Probably would raise more money and also not seem quite so onerous.

And it would be more of a move away from their stupid flat rate.

[mopinko]

6. i think he feels he has to keep it simple, but

honestly, i think it is a trap set for rauner.
he will get pelted with this question through the whole campaign. he becomes every millionaire.

[seveneyes]

7. Why only 3% ?

If someone has over a million bucks coming in, I'd say they could easily afford to give 50% of it to society.

[mopinko]

8. well, i have to say the truth here

they pay 39% to the feds. a lot of states dont even have an income tax.
a big ole flood of money would be awesome, tho. for all the flack that rahm took about the school closings, the state of illinois has screwn the schools for a couple decades. our constitution requires the state to provide "the majority" of the funding for the common schools. but the supreme court ruled that that did not mean 50%+1.

[frazzled]

9. This will really help the Chicago schools

Since it's the largest district (by far) in the state, it will get the biggest chunk if it's rationed on a per-pupil basis. Look for downstaters to try to screw that up, somehow.

[mopinko]

10. really, there are other school districts that would benefit more

there are a lot of starving rural districts where they would like to tap the big city millions.
and a lot of inner ring suburbs, and poor outer burbs like robbins.

[frazzled]

11. It's a PER-PUPIL allotment

If you have more than 400,000 students and 600 schools, like CPS, you rightfully deserve more of the dollars than a district with 1,500 students and a handful of schools. It will be the same amount per pupil: each student will get the exact same number of dollars.

Mayor Daley left Chicago Public Schools a billion dollars in debt. The district is 87% minority and most all of it poor. Please don't begrudge the supposed "millions" of the big city. It doesn't even make sense. Fair is fair, and a per-pupil allotment is what is fair. Dividing it equally among districts would be ridiculous.

[mopinko]

12. no no no

you misunderstand.
yes, cps can trace it's money woes to the state of illinois, and a bigger share from the state is really important for the future. (and if this goes the way of most attempts to get more money for the school- siphoned off into general revenue, with little to the schools, they better watch the hell out. there will be big trouble.) but at least chicago has a good funding stream of it's own that it could tap. rural towns are mostly screwed. property taxes on farm land are zilch.

i don't begrudge any schools. my point was really just that it is something the whole state, with the exception of lake and dupage county, badly need.

i certainly do not begrudge my fellow citizens the kind of great jobs that we make here in the big city. sarcasm went a little awry there. my point was the we make the money here in the big city. and i am proud of it.