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Madigan drops special tax for millionaires idea

Posted by wlpo on April 10, 2014

SPRINGFIELD, Ill. (AP) – Michael Madigan is withdrawing a plan to tax millionaires in the state.

A spokesman for Madigan says the speaker of the House blames Republicans who wouldn’t support the proposal. The spokesman says Republicans “prefer and protect millionaires over school children.”

Madigan wanted to put a constitutional amendment on the November ballot that would have added a 3 percent surcharge onto incomes over $1 million. He said it would raise an estimated $1 billion annually for schools. A House committee approved the plan Thursday.

Republicans say the tax would hurt small businesses and farmers.

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