Illinois mulls a 3% millionaire tax to address property tax issues.

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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.

Source:

https://fox2now.com/news/illinois/illinois-considers-3-millionaire-tax-would-it-provide-property-tax-relief/

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