After Gov. Bruce Rauner's Feb. 18 budget address that called for steep cuts to spending in order to recover the state's financial stability, House Speak Michael Madigan revived talk of a "millionaire tax" in Illinois.
Nearly 64 percent of Illinois voters favored the "millionaire tax" advisory question on the Nov. 2014 ballot, which called for a 3 percent tax surcharge on those with annual incomes over $1 million. Madigan, who spearheaded the idea, said the special tax would bring in $1 billion in new revenue for education funding.
"Some in the General Assembly are eager to discuss new revenue, but before revenue can be discussed, reform is essential," Rauner said. "Before we ask the people of Illinois to pay more to fund state government, we must ensure taxpayers are getting value for their money."
With Madigan intent on reviving the millionaire tax knowing the bulk of Illinois voters would support the measure, all that is required is a three-fifths majority vote in the Democratically-controlled House and Senate to place it on the 2016 ballot as a constitutional amendment. Newfound public support could sway some of the Democrats who voted against the tax last year.
Millionaires in Illinois
Phoenix Marketing International released its Global Wealth Monitor's "Millionaires by State Ranking" report for 2014, which identifies states with the highest and lowest ratio of total millionaires to total households. While Illinois did not rank among the top 10 states with respect to ratio, the Land of Lincoln does have the sixth most millionaires in the nation. Interestingly, the total number of households in Illinois increased by 2,156 in 2014; yet the number of the state's millionaires decreased by nearly 4,000.
Check out the interactive graphic below. Hover over a state to see the 2014 statistics. The top 10 states with the highest ratio of millionaires to total households are highlighted in green and the bottom 10 in red.
Check out Reboot Illinois to see more long-term Illinois millionaire trends and the number of millionaires who live around the country.
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