Wealth Tax Proposal in Illinois
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.
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Concerns About the Proposal
Billionaires can easily leave the state, resulting in a loss of income, property, and sales tax dollars for Illinois.
- The tax base would shrink, requiring the state to make up for the lost revenue.
- Less wealthy Illinoisans would be left to bear the tax burden.
- There is a risk that the threshold for the wealth tax could be lowered in the future, potentially affecting others.
Governor Pritzker does not support the proposal.
Author's summary: Illinois Democrats propose a wealth tax on billionaires.