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