CHICAGO - A surcharge on income over $1 million won't appear on Illinois' November ballot after its sponsor removed it from consideration.
House Speaker Michael Madigan, D-Chicago, decided on Wednesday to pull the plug on the proposal even though his Democrats enjoy a majority in the General Assembly.
A Madigan spokesman blamed Republican opposition to the plan, but Republicans countered that Madigan likely could not persuade enough members of his own caucus.
Madigan's so-called millionaire's tax would have asked voters to approve a constitutional amendment imposing a 3% surcharge on income over $1 million.
Madigan unveiled the "millionaire's" surcharge ahead of Gov. Pat Quinn's announcement of a budget plan that relies on making permanent the state's 2011 income tax hike that is slated to be scaled back on Jan. 1.
The surcharge was projected to raise $1 billion which Madigan said would go to bolster education funding.
