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.
What starts with billionaires opens the door to taxing others next.
If the tax base shrinks, the state would need to make up for the lost revenue, potentially shifting the burden to less wealthy Illinoisans. Governor Pritzker does not support the proposal.
Key points of the plan include:
- Wealth tax on hypothetical income
- Taxes on streaming services
- Steep surcharges on concerts and ticketed events
Author's summary: Illinois Democrats propose a wealth tax and new levies.
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