Illinois House Democrats Propose Wealth Tax
Illinois House Democrats are pushing a first-in-the-world wealth tax on billionaires, as well as taxes on streaming services and ticketed events.
The proposed $1.5 billion transit funding plan includes a wealth tax on hypothetical income, which is unprecedented globally.
- Taxes on streaming services such as Netflix and Spotify
- Steep surcharges on concerts and ticketed events
Illinois’ comeback story starts here.
Critics argue that billionaires can easily leave the state, resulting in lost revenue, and that the tax base will shrink, leaving less wealthy Illinoisans to make up for the lost revenue.
Moreover, there is concern that the threshold for the wealth tax could be lowered in the future, potentially affecting others beyond just billionaires.
Notably, Governor Pritzker does not support the proposal.
Author's summary: Illinois Democrats propose a global-first wealth tax.
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