Illinois House Democrats Propose Wealth Tax and New Levies
Illinois House Democrats are pushing for a first-in-the-world wealth tax on billionaires, along with taxes on streaming services and concerts.
The proposed $1.5 billion transit funding plan includes a wealth tax on hypothetical income, which is unprecedented globally. This plan also encompasses taxes on streaming services like Netflix and Spotify, as well as surcharges on concerts and ticketed events.
- Wealth tax on billionaires based on unrealized capital gains, a first worldwide.
- Taxes on streaming services and ticketed events.
Illinois’ comeback story starts here.
However, critics argue that billionaires can easily leave the state, resulting in lost income, property, and sales tax dollars for Illinois. As the tax base shrinks, the state may need to compensate for the lost revenue by taxing less wealthy residents. Moreover, there is concern that the threshold for the wealth tax could be lowered in the future.
Author's summary: Illinois Democrats propose a groundbreaking wealth tax.
More News
- What a mess! Mystery pranksters strike HGTV star Christina Haack’s home
- Trump’s Gunboat Diplomacy In The Caribbean Targets Maduro’s Venezuela - Black Star News
- How One Neighborhood Confronts ICE
- The children are starving; God is screaming – Baptist News Global
- U.S. Gunboat Diplomacy Will Only Embolden China
- Miserable arterial roads in Hebbal Industrial Area - Star of Mysore
- Windows 11 KB5067036 issue: Task Manager won’t close and duplicates, may hurt performance
- Illinois House Democrats push first-in-the-world wealth tax, streaming, concert taxes
- Malibu council confronts Fire Rebuild Crisis
- Live Nation Venue The Truth Slated for Fall 2026 Opening