Madigan reintroduces Illinois millionaire tax idea - New York News

Madigan reintroduces Illinois millionaire tax idea

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SPRINGFIELD, Ill. (Associated Press) -

A renewed effort to tax the state's millionaires has advanced in the Illinois Legislature.

A House panel on Thursday approved the legislation by a 6-4 vote. Democratic House Speaker Michael Madigan is the sponsor. The proposal would place a non-binding resolution on the November ballot asking voters if the Illinois Constitution should be amended to add a 3 percent surcharge to incomes of more than $1 million.

An earlier effort to amend the constitution failed last month when Madigan was unable to get enough backing in the Democrat-controlled House.

Madigan says the ballot initiative will help build support for the proposal in the Legislature next year.

Lawmakers also are considering a ballot resolution asking voters if they support a hike in the state's minimum wage.

Republican gubernatorial candidate Bruce Rauner says efforts to put a millionaires' tax on the November ballot in Illinois don't "mean much."

Rauner told reporters Thursday after a speech to Chicago's Chinatown Chamber of Commerce that such referenda are a failure of leadership and lawmakers should focus on cutting the spending burden on taxpayers. Rauner also says his spending plan will be unveiled soon.

The bill is HB3816.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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