Illinois House Democrats Propose Wealth Tax and New Levies
Illinois House Democrats are pushing a novel 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. This plan also encompasses taxes on streaming services and ticketed events.
- Taxes on streaming services such as Netflix and Spotify
- Steep surcharges on concerts and ticketed events
- A wealth tax on billionaires
What starts with billionaires opens the door to taxing others next.
Billionaires have the ability to leave the state more easily than others, which could result in Illinois losing income, property, and sales tax dollars. As the tax base shrinks, the state would need to compensate for the lost revenue, potentially shifting the burden to less wealthy Illinoisans.
Notably, Governor Pritzker does not support the proposal.
Author's summary: Illinois Democrats propose a unique wealth tax.
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