Wealth Tax Proposal in Illinois
Illinois House Democrats are pushing a first-in-the-world wealth tax on billionaires, along with taxes on streaming services and ticketed events.
The proposed $1.5 billion transit funding plan includes a wealth tax on hypothetical income, as well as taxes on streaming services like Netflix and Spotify, and steep surcharges on concerts and ticketed events.
Illinois’ comeback story starts here.
Critics argue that billionaires can easily leave the state, resulting in lost income, property, and sales tax dollars, which would then need to be made up for by taxing less wealthy Illinoisans.
There is also concern that the threshold for the wealth tax could be lowered in the future, potentially opening the door to taxing others.
Notably, Governor Pritzker does not support the proposal.
Author's summary: Illinois Democrats propose a wealth tax.