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
Billionaires can easily leave the state, resulting in lost income, property, and sales tax dollars for Illinois.
What starts with billionaires opens the door to taxing others next.
Additionally, there is a risk that the threshold for the wealth tax could be lowered in the future, potentially affecting less wealthy Illinoisans.
Notably, Governor Pritzker does not support the proposal.
Author's summary: Illinois Democrats propose a wealth tax and new levies.