Illinois House Democrats Propose $1.5 Billion Tax Hike
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, and steep surcharges on concerts and ticketed events.
Wealth Tax Concerns
The wealth tax would be based on hypothetical income that doesn’t exist anywhere in the world, specifically targeting unrealized capital gains.
Billionaires can leave the state far more easily than others can. When they leave, Illinois loses out on their income, property and sales tax dollars.
Potential Consequences
- The tax base would shrink as billionaires leave the state.
- The state would need to make up for the lost revenue, potentially targeting less wealthy Illinoisans.
- There is a risk that lawmakers could lower the threshold for the wealth tax in the future.
Author's summary: Illinois Democrats propose a $1.5 billion tax hike.
More News
- Illinois House Democrats push first-in-the-world wealth tax, streaming, concert taxes in $1.5 billion tax hike
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