The powerful speaker of the Illinois House of Representatives, Michael Madigan, announced that he would ram through the legislature a constitutional amendment that would increase taxes on those making more than $1 million a year by 3%. Of course...it's for the kids. Reuters: Illinois' powerful speaker of the House of Representative on Thursday unveiled a plan that would slap a tax surcharge on millionaires in the state in an effort to raise $1 billion a year for schools. Chicago Democrat Michael Madigan's plan surfaced just two days after voters in the Republican primary election chose multi-millionaire venture capitalist Bruce Rauner to face incumbent Democratic Governor Pat Quinn in the November general election. Chip Englander, Rauner's campaign manager, said economic growth was needed to boost education funding. "We need to take a look at our entire tax system to make Illinois more competitive and lower the tax burden on the people of...(Read Full Post)