Illinois House Democrats Propose Wealth Tax and New Levies
Illinois House Democrats are pushing for a first-in-the-world wealth tax on billionaires, as well as 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.
- Taxes on streaming services
- Steep surcharges on concerts and ticketed events
The plan raises concerns that billionaires, who can easily leave the state, would take their income, property, and sales tax dollars with them, resulting in a shrinking tax base and potentially shifting the tax burden to less wealthy Illinoisans.
As
what starts with billionaires opens the door to taxing others next, there is a fear that the threshold for the wealth tax could be lowered in the future, affecting a broader range of individuals.
Notably, Governor Pritzker does not support the proposal.
Author's summary: Illinois Democrats propose a unique wealth tax.
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