Despite a late push by top state Democrats, the Illinois legislature will pass on a millionaires’ tax amendment until at least 2028.
The tax would have raked in an estimated $4 billion a year by tacking a 3% surcharge onto personal income over $1 million. Revenue generated from the tax would have been split 50/50 between public school funding and property tax relief. House Speaker Emanuel “Chris” Welch, D-Hillside, said they were “very close” to having the votes.
“What we heard from listening to a lot of people over the last few days is that more work needs to be done,” said Welch, who emphasized a need to bring more business-focused representatives on board with the measure.
Because Illinois’ constitution enshrines a flat tax system into law, the millionaires’ tax would have needed approval from voters. The deadline for the legislature to put amendments on the 2026 November midterm ballot is May 3, and while the Senate is back in session next week, the House won’t reconvene until May 4.
Welch said a millionaires’ tax will be revisited in the future, leaving 2028 as the soonest option.
Jackson Potter, vice president of the Chicago Teachers Union, slammed Springfield for failing to give more funding to schools while also approving a megaprojects bill, which they are concerned will cause them to lose out on funding from property taxes.
“Budgets are documents rooted in morals and math,” Potter said. “The governor and the General Assembly are currently failing at both.”
House Republicans were relieved to not see the amendment go through.
“You do not solve government mismanagement by writing permanent expansion of higher taxes into the Constitution,” said House Minority Leader Tony McCombie, R-Savanna, in a statement. “You solve it with discipline, reform, and accountability.”
The wealth tax proposed this go-around was a watered-down version of a failed 2020 attempt to switch the state’s tax system to a graduated income tax. Voters showed support for a millionaires’ tax during a 2024 non-binding referendum that passed with over 60% support.
While the millionaires’ tax failed, the House took steps to put a new state voting rights amendment on the ballot instead. Passing with support from Democrats and opposition from Republicans, it now heads to the Senate.
The amendment places parts of the federal Voting Rights Act into state law by preventing legislative or congressional districts from being drawn to discriminate based on race or excessively compact voter populations. Democratic supporters pushed the bill, concerned the U.S. Supreme Court might tank sections of the Voting Rights Act in a case it heard late last year.
“Here in Illinois, we refuse to go back,” said Welch, who sponsored the amendment.
House Republicans pushed back, citing how current maps are already drawn to heavily favor Illinois Democrats. Some Republicans asked for an amendment to prevent politically motivated redistricting.
“Diversity is important, it truly is,” said Rep. Ryan Spain, R-Peoria. “Racial diversity, ethnic diversity, gender diversity, but also political diversity, and that is not represented in this body and in this state.”