Wealth Tax Proposal in Illinois
Illinois House Democrats are pushing for a first-in-the-world wealth tax on billionaires, as well as taxes on streaming services and ticketed events.
- A $1.5 billion transit funding plan with a wealth tax on hypothetical income
- Taxes on streaming services such as Netflix and Spotify
- Steep surcharges on concerts and ticketed events
Billionaires can easily leave the state, resulting in lost income, property, and sales tax dollars, which would need to be made up for by less wealthy Illinoisans.
What starts with billionaires opens the door to taxing others next.
Notably, Governor Pritzker does not support the proposal.
Author's summary: Illinois Democrats propose a wealth tax.