Illinois millionaire tax could help curb property taxes, boost education funding, study says
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A new study suggests that a 3% surtax on Illinois residents earning $1 million or more per year could generate up to $5 billion in annual state revenue. The revenue could be used to fully fund public schools, alleviate property tax burdens, or provide dedicated property tax relief for homeowners.
A study by the Illinois Economic Policy Institute proposes a 3% surtax on residents earning $1 million or more. This surtax could generate $3-4 billion in revenue by 2028 and up to $5 billion by 2033. The revenue could be used to fund public schools or provide property tax relief. The study suggests three policy options: dedicated property tax relief, fully funding public schools, or freezing school property taxes while providing additional education funding. The surtax would affect around 40,000 households in Illinois. The state currently faces a $5.2 billion budget deficit in 2027.
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