Illinois Gov. Pritzker seeks higher tax for rich

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SPRINGFIELD, Ill. (AP) — Gov. J.B. Pritzker took the first step Thursday, March 7 in fulfilling his touchstone campaign pledge of making the wealthy pay more in income taxes as the billionaire proposed a graduated income-tax structure that he said would generate $3.4 billion in new revenue for the financially-strapped state.

The Democrat wants to dump the state's flat-tax, now set at 4.95 percent, and join 35 other states with scaled-up rates for higher incomes. It would start at 4.75 percent for earnings up to $10,000 and levy a top rate of 7.95 percent on $1 million or more .

"Illinois' flat tax system is unfair to the middle class and to those who are striving to get to the middle class," said Pritzker, a hotel fortune heir and private-equity investor whose $3.2 billion net worth ranked him 251st on Forbes' wealthiest 400 Americans last fall. "People like me should pay more and people like you should pay less."