Illinois is exploring a 3% millionaire tax, supported by former Governor Pat Quinn, to help fund property tax relief for middle-class residents. The plan aims to generate $4.5 billion for a property tax relief fund. The proposal would apply a 3% surcharge on annual income tax returns for millionaires, addressing the state’s ongoing property tax challenges.
Illinois is considering a 3% tax on millionaires to solve the state's property tax problems, per BI.
— unusual_whales (@unusual_whales) October 14, 2024
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