CPS Board of Education could consider new millionaires tax at Wednesday meeting

August 12, 2026 - 18:42

The Chicago Public Schools Board of Education is set to gather this Wednesday for a regular meeting, and one item on the agenda is drawing significant attention: a potential new tax on the city's wealthiest residents. Board members may formally consider a resolution to support a millionaires tax, a measure designed to generate hundreds of millions of dollars in new revenue specifically for the district's schools.

Supporters of the tax argue that the current funding model for CPS is inadequate and relies too heavily on property taxes, which place a burden on working-class homeowners. A surcharge on income over one million dollars would target those with the highest earnings, creating a more progressive revenue stream. The money could be used to address teacher pay, reduce class sizes, and fund critical programs like arts education and mental health services for students.

However, the proposal is not without its critics. Some business leaders and fiscal conservatives warn that a new tax could drive high-income earners out of the city, ultimately shrinking the tax base. Others question whether the board has the legal authority to endorse such a tax without state approval, as Illinois currently has a flat income tax. The board is not expected to vote on the measure on Wednesday, but a formal discussion could signal a major step toward placing the question before state lawmakers or on a future ballot.