Lawmakers resurrecting so-called "Millionaire's Tax"

By Nick Gale, WLS News

(SPRINGFIELD) Lawmakers in the Illinois House are resurrecting a so called “Millionaire’s Tax.”

Listen to Nick’s report here:

A House committee has approved an amendment to the Illinois State Constitution that would place and extra three percent stae tax on income above a million dollars. The money, according to House Democratic Majority Leader Barbara Flynn Currie, would go to schools.

“This tax would bring in about $1 billion a year. That translates into close to $500 per student across the public education system in Illinois,” Currie said.

Opponents argue a tax on millionaires is a tax on success and would drive job creators out of Illinois. It’s unclear if the proposal will go anywhere in the State Senate – but if it were to pass in Springfield, it would ultimately be up to voters.