Wealth Tax Proposal in Illinois
Illinois House Democrats have introduced a $1.5 billion transit funding plan, which includes a first-in-the-world wealth tax on billionaires.
The plan also proposes taxes on streaming services, such as Netflix and Spotify, as well as steep surcharges on concerts and ticketed events.
Illinois’ comeback story starts here.
Critics argue that billionaires can easily leave the state, resulting in a loss of income, property, and sales tax dollars, which would need to be made up by less wealthy Illinoisans.
There is also concern that the tax threshold 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 wealth tax.