County Voters Approve Millionaire Tax

Cook County voters delivered a decisive endorsement for a new state income tax on high earners. The referendum asked residents to direct state lawmakers to enact a 3% surcharge on income exceeding $1 million. The stated goal is to cap property tax increases or reverse recent hikes.

The ballot measure did not create a new tax immediately. It required the state to amend its constitution. Income tax changes in Illinois mandate a constitutional amendment, which then requires statewide voter approval. A joint resolution attempt failed in Springfield earlier this year.

Results as of 8:30 p.m. showed strong support across the county. With nearly one-quarter of precincts reporting, suburban voters backed the measure by 69%. Support in Chicago was higher, with 78% voting in favor.

An April report from the Illinois Economic Policy Institute projected the tax would impact approximately 41,000 individuals statewide. The study estimated revenue of $3.8 billion in the first full year, rising to $4.2 billion annually by 2030. The report also cited potential $1,500 rebates for three million homeowners and a possible 20% reduction in property tax bills.

Opponents argue the surcharge could burden business owners and non-millionaire taxpayers. The next step lies with state legislators, who must now draft and pass the constitutional amendment for a statewide vote.

The process remains lengthy. No tax will be collected until the amendment passes and is ratified by voters across Illinois.