Illinois House Democrats Propose Wealth Tax and New Levies
Illinois House Democrats are pushing for a first-in-the-world wealth tax on billionaires, along with taxes on streaming services like Netflix and Spotify, and surcharges on concerts and ticketed events.
The proposed $1.5 billion transit funding plan includes a wealth tax on hypothetical income, a concept that does not exist anywhere else in the world. Additionally, the plan involves taxes on streaming services and ticketed events.
Billionaires can leave the state far more easily than others can. When they leave, Illinois loses out on their income, property and sales tax dollars.
This could lead to a shrinking tax base, resulting in the state needing to make up for the lost revenue by taxing less wealthy Illinoisans. There is also concern that the threshold for the wealth tax could be lowered in the future, potentially affecting others.
Notably, Governor Pritzker does not support the proposal.
Author's summary: Illinois Democrats propose wealth tax and new levies.