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Illinois voters approve the idea of raising taxes on income over $1 million

In Illinois, a non-binding referendum laying out a plan “to create an additional 3% tax on income greater than $1,000,000” and put the money toward cutting property taxes statewide — has won approval.

The advisory referendum passed with around 60% of the vote.

Member station WBEZ reports that a Cook County analysis found that homeowners in some Chicago suburbs were hit with steep property tax hikes this year. In some areas, increases topped 30%.

The station adds, “state revenue officials say could pump at least $4.5 billion more each year into the state’s treasury to then divert to property tax reduction.”

While the referendum doesn’t immediately impose a new tax on the highest earners, it could give momentum to the push for a constitutional amendment in the 2026 vote.

Copyright 2024 NPR