Millionaire Amendment
Advisory: this does not change law
Exact ballot wording
Shall Illinois adopt the Millionaire Amendment for Property Tax Relief and Education, which would enact a 3% income tax surcharge only on millionaires and use 50% of this new revenue to provide property tax relief for residential and commercial taxpayers and 50% to improve state funding for public education?
In plain English
Asks whether Illinois should add a 3% income surcharge on income over $1 million, with half going to property tax relief and half to schools.
Context
- The Cook County Board voted unanimously in July to put this advisory question on the ballot; a tax would still need a state constitutional amendment Evanston RoundTable (via The Record) ↗
- A report by the Illinois Economic Policy Institute and UIUC estimates it would affect about 41,000 residents and raise $3.8 billion in its first full year Axios Chicago ↗
- Opponents warn it could drive businesses and revenue out of the state Axios Chicago ↗