Legislators vote no on Illinois millionaire tax
A proposal from Democratic Illinois House Speaker Mike Madigan to raises taxes for millionaires failed to get enough votes Thursday after two suburban lawmaker sided with Republicans.
Madigan's proposal, which would require a constitutional amendment, would place a 3 percent surcharge on all yearly income over $1 million.
Madigan's proposal needed 71 votes for approval in the House, but only got 68. Forty-seven voted no.
Democrats have 71 members in the Illinois House, but two suburban Democrats - Rep. Jack Franks of Marengo and Scott Drury of Highwood - joined Republicans in voting against it.
"As an individual, when I earn more I accept that I will pay more," state Rep. Carol Sente, a Vernon Hills Democrat, said. "The approximate $1 billion per year in additional revenue is direly needed by our state to fund education."
State Rep. David Harris, an Arlington Heights Republican, asked why the tax was coming up now and said such a tax would send the wrong message to young entrepreneurs hoping to make it big.
"If they're successful, they're going to hit it big. And you know what we're saying to them, if you're successful, we're going to nail you," Harris said. "We're going to tax you even more for the hard work and the dedication that you put in to being successful."
Revenue generated from the tax, Madigan says, would go toward education and could provide up to $1 billion a year for Illinois schools.