- Associated Press - Wednesday, May 4, 2016

SPRINGFIELD, Ill. (AP) - Illinois House Democrats abandoned a plan to increase taxes on millionaires if voters approved in November.

Democratic state Rep. Christian Mitchell declined to call up the bill Wednesday, effectively killing it because there won’t be enough time for the measure to clear the Senate before a Saturday deadline. Mitchell did not have enough support for the bill.

The proposal would’ve changed the Illinois Constitution so people would be taxed based on their earnings. A companion bill would’ve set the rates if voters agreed to change the Constitution.

Currently, everyone pays 3.75 percent income tax. Democrats propose to increase rates to 9.75 percent for those earning more than $1 million.

Republican Gov. Bruce Rauner opposed the plan, saying it would make it hard to keep businesses in Illinois.

LOAD COMMENTS ()

 

Click to Read More

Click to Hide