Springfield Debates 'Millionaires' Tax' Proposal

Mayor Brandon Johnson pushes for new tax on high-income residents, but critics warn of potential economic risks.

Apr. 19, 2026 at 8:08pm

Got story updates? Submit your updates here. ›

A vibrant, abstract painting featuring overlapping, fractured geometric shapes in shades of gold, amber, and crimson, conceptually representing the complex debate over taxing high-income earners.A new 'millionaires' tax' proposal in Springfield sparks debate over the balance between raising revenue and retaining high-earning residents.Chicago Today

The city of Springfield is considering a proposal from Mayor Brandon Johnson to implement a new 'millionaires' tax' - a 4% surcharge on income over $1 million. Proponents argue the tax could generate significant revenue to address the city's fiscal challenges, while opponents caution that it could drive high-earners and businesses out of the area.

Why it matters

Springfield, like many cities, faces mounting financial pressures from pension obligations and other costs. A 'millionaires' tax' could provide a new revenue stream, but there are concerns it could backfire by prompting the wealthy to relocate, potentially reducing the overall tax base.

The details

Mayor Brandon Johnson has proposed a 4% tax on income over $1 million, modeled after a similar measure passed in Massachusetts in 2023. Supporters say the tax could generate tens of millions in new annual revenue to help address Springfield's fiscal challenges. However, critics argue the tax could drive high-earning residents and businesses out of the city, ultimately reducing overall tax collections.

  • The Massachusetts 'millionaires' tax' was passed in 2023.
  • Springfield is currently debating the proposal from Mayor Brandon Johnson.

The players

Brandon Johnson

The mayor of Springfield who has proposed implementing a new 'millionaires' tax' in the city.

Mark Glennon

The founder of the Illinois policy research organization Wirepoints, who has warned of the potential economic risks of a 'millionaires' tax'.

Got photos? Submit your photos here. ›

What they’re saying

“Most concerningly, total Adjusted Gross Income in Massachusetts shrunk year-over-year, meaning higher taxes are hitting the state's economy.”

— Mark Glennon, Founder, Wirepoints

What’s next

The Springfield City Council is expected to hold public hearings and debates on the proposed 'millionaires' tax' in the coming months before deciding whether to approve it.

The takeaway

The debate over a 'millionaires' tax' in Springfield highlights the difficult balance cities face between raising revenue and avoiding policies that could drive away high-income residents and businesses. The outcome in Springfield could set an important precedent for other cities considering similar measures.