Report Details Proposed Millionaire Tax in Illinois Ahead of Cook County Vote
What happened
Bruno and Frank Manzo co-authored a report ahead of the Cook County vote on a potential millionaire's tax. The proposal, the Millionaire Amendment, would impose a 3% income tax surcharge on income exceeding $1 million. Half of the generated revenue would fund property tax relief, and the other half would improve state funding for public education.
From nbcchicago.com
Why it matters
The proposal is non-binding but addresses property tax relief and public education funding in Illinois. This discussion occurs as JB Pritzker's commission investigates economic loss in Cook County, utilizing analysis from the University of Illinois.
JB Pritzker's commission is investigating economic loss in Cook County, using an analysis conducted by the University of Illinois.
From nbcchicago.com
Who's involved
- Frank ManzoCo-authored the report detailing the proposed tax structure.
- BrunoDirector at the University of Illinois and co-authored the report.
- University of IllinoisProvided the institutional base and conducted analysis used by the commission.
- IllinoisThe state where the proposed tax and funding changes would occur.
- Cook CountyThe county where voters will decide on the tax proposal.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Cook CountySpeculative
Cook County might see changes in property tax costs for residential and commercial taxpayers due to the relief portion of the tax.
- Chicago Public SchoolsSpeculative
Chicago Public Schools might see increased state funding for public education if the tax is adopted.
Possible ripples
Who this could reach next, traced step by step from the reporting. Possibilities worth considering, not forecasts.- Millionaires tax proposal could reshape Illinois's property and education fundingIllinois's fiscal structure could shift significantly if the millionaires tax passes.Possible
- Millionaires tax proposal could boost state funding for Chicago Public SchoolsChicago Public Schools may see increased state funding if the millionaires tax passesPossible
- Cook County property taxes may see relief under proposed millionaire taxCook County property taxes may see relief under proposed millionaire taxPossible
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The entities involved
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Frank Manzo
Nothing else this week.
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Bruno
Nothing else this week.
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University of Illinois
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