Illinois Millionaire Tax Incoming? What to Know Before Voting

This November, Illinois voters will have a chance to decide whether millionaires should pay an extra tax to help reduce property taxes for middle-class residents. The proposal on the ballot asks if the Illinois Constitution should be changed to add a 3% tax on income over $1 million. This extra money would go into a fund specifically meant for property tax relief across the state.

Supporters, including former Governor Pat Quinn, say this could generate about $4.5 billion, which would be used to help middle-class homeowners facing high property taxes. Quinn and others argue that Illinois’ current tax system is unfair, as millionaires pay the same flat tax rate as everyone else, despite their ability to contribute more. This surcharge, they say, would ease the burden on everyday people and help those struggling to afford staying in their homes.

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Critics, however, believe this "millionaire tax" could drive wealthy individuals and business owners out of Illinois, which would harm the state’s economy in the long run. Representative Martin McLaughlin and other opponents argue that many of these millionaires are also job creators, and pushing them away could result in fewer jobs and less investment in Illinois. They also point out that depending on the incomes of millionaires, which can vary a great deal from year to year, might make this a risky way to fund property tax relief.

While the referendum is non-binding, meaning it won't automatically change the law, it will give lawmakers an idea of how voters feel. If passed, however, it could lead to a future vote to officially change the Illinois Constitution. I just have one question left. What even is the middle-class anymore?