House Speaker Michael Madigan's proposal to impose an additional tax to incomes over $1 million moved forward Thursday. The bill advanced by a 6-4 partisan vote in the House Revenue and Finance Committee.
The proposal calls for a 3 percent tax to be levied on all income over $1 million. Madigan says the bill will help pay for public education in the state.
“Within our society, and within our state, those that earn over a million dollars a year are better equipped than others to support education,” said Madigan, according to the Chicago Tribune.
In order for the proposal to be installed, it will require a change to the Illinois Constitution. In order to make a change to the constitution, the legislature must pass the proposal by May so the constitutional amendment can appear on the November ballot and be decided upon by voters.
Meanwhile, the House committee failed to advance a proposal for a progressive tax, which would scale the state's income tax based on how much a person earns. The Fair Tax bill failed by a 3-6 vote with one legislator voting present.
“I don’t think the House is ready for a fair tax at this time,” House Majority Leader Barbara Flynn Currie (D-Chicago) said according to the newspaper. “I personally support the idea, but I don’t think the House will pass such legislation this session.”