Thursday, March 27, 2014

Now We're Cooking with Gas. Taxing Millionaires. Hmmmm

Illinois speaker proposes tax on millionaires    
AP Political Writer
SPRINGFIELD, Ill. (AP) -- Two days after Illinois Republicans chose a multimillionaire as their candidate for governor, the powerful Chicago Democrat who controls the Illinois House proposed a tax on millionaires Thursday to fund the state's financially strapped education system.

House Speaker Michael Madigan introduced a constitutional amendment to tack a 3 percent surcharge onto incomes over $1 million, which he said would raise $1 billion a year for elementary and secondary education.
Madigan announced the idea in a state Capitol news conference just as one of the nation's most competitive governor races is heating up between Republican Bruce Rauner, a wealthy private-equity investor, and Democratic Gov. Pat Quinn, who espouse starkly contrasting visions of how to fix the lagging economy of the Democratic stronghold.
The proposal by the speaker, who doubles as state Democratic Party chairman and has controlled the House for nearly all of the last 30 years, intensifies an ongoing debate over...

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