House Speaker calls for 3-percent surcharge on high income residents

By WEEK Producer

March 20, 2014 Updated Mar 20, 2014 at 9:35 PM CDT

SPRINGFIELD, Ill. -- Illinois House Speaker Mike Madigan is proposing a 3-percent income tax surcharge on anyone having more than $1 million a year in income.

According to Madigan, the surcharge would raise an estimated $1 billion a year.

He said the money would be distributed to schools at the rate of $550 per pupil.

Madigan needs to obtain House and Senate approval and then the question has to go on the November ballot.

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