The skyline of Chicago. Illinois is considering a millionaires tax to alleviate some of the country's highest property taxes.Tom Williams/CQ Roll CallIllinois residents will vote on a 3% tax for millionaires in November.The governor says the tax could generate $4.5 billion annually and alleviate high property taxes.Illinois has the second-highest property taxes in the US.Voters in Illinois will decide in November whether to add a special tax on people who make $1 million or more.
Illinois Is Considering A 3% Tax On Millionaires To Solve The State's Skyrocketing Property Tax Problem
kniemeyer@insider.com (Kenneth Niemeyer), Business Insider
Sun, 10/06/2024 - 2:52am
Topics: yes or no tom williams/cq roll callillinois illinois gov jb pritzker massachusetts illinois constitution united states tax foundation cook county treasurer maria pappas former illinois gov pat quinn business insider chicago illinois november wbez cook county pappas millionaires state's property tax taxes billion alleviate public year measure high people passed generate increases second-highest relief voice annually highest vote ballot estimate paycheck bills pay homeowners approved
BING NEWS:
- Illinois is considering a 3% tax on millionaires to solve the state's skyrocketing property tax problem
A millionaires tax has helped other states tackle big problems. It helped Massachusetts provide free lunch for all its public school students.
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In this election, culminating in a few weeks, Illinois voters will consider a tax on the state’s wealthiest citizens — money that would go toward property tax relief for other citizens. In today’s ...
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The advisory referendum is not binding. But if passed later, Gov. JB Pritzker’s administration estimates the tax could generate $4.5 billion annually.
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