Illinois House Democrats Propose Wealth Tax and New Levies
State lawmakers in Illinois are pushing for a first-in-the-world wealth tax on billionaires, alongside taxes on streaming services like Netflix and Spotify, as well as surcharges on concerts and ticketed events.
The proposed $1.5 billion transit funding plan includes a wealth tax on hypothetical income from unrealized capital gains, a concept that does not exist anywhere else in the world.
- Taxes on streaming services
- Surcharge on concerts and ticketed events
Illinois would be the first in the world to tax wealth based on unrealized capital gains.
This move could lead to billionaires leaving the state, resulting in a loss of income, property, and sales tax dollars for Illinois. As the tax base shrinks, the state may need to compensate for the lost revenue by taxing less wealthy residents.
Author's summary: Illinois Democrats propose a unique wealth tax.
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