Illinois House Democrats Propose Wealth Tax and New Levies
Illinois House Democrats have introduced a $1.5 billion transit funding plan, featuring a first-in-the-world wealth tax on billionaires and new taxes on streaming services like Netflix and Spotify.
The plan also includes steep surcharges on concerts and ticketed events. However, critics argue that billionaires can easily leave the state, resulting in lost income, property, and sales tax dollars.
When they leave, Illinois loses out on their income, property and sales tax dollars.
As the tax base shrinks, the state would need to make up for the lost revenue, potentially shifting the burden to less wealthy Illinoisans. There are concerns that the threshold for the wealth tax could be lowered in the future, affecting others beyond just billionaires.
Notably, Governor Pritzker does not support the proposal.
Author's summary: Illinois Democrats propose a unique wealth tax.
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