Madigan schedules vote on millionaire’s tax proposal

SPRINGFIELD (AP) — Illinois House Speaker Michael Madigan says he’s planning a vote next week on a proposal to amend the state constitution to allow a 3 percent tax surcharge on incomes of more than $1 million.

Madigan’s move follows a series of votes and hearings held in an attempt to pressure Governor Bruce Rauner in budget negotiations. The Republican governor has proposed slashing spending to reduce a $6 billion gap in next year’s budget unless lawmakers pass his set of pro-business reforms.

Madigan says the estimated $1 billion revenue boost from a tax surcharge would help education funding.

An earlier effort on the “millionaire’s tax” failed last year when the Chicago Democrat was unable to get enough backing in the House.

Voters overwhelmingly supported the idea through a non-binding ballot question last fall.