Illinois House Democrats Propose Wealth Tax and New Levies
State lawmakers in Illinois are pushing for a first-in-the-world wealth tax on billionaires, along with 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 from unrealized capital gains, a concept that does not exist anywhere else in the world.
- Taxes on streaming services
- Steep surcharges on concerts and ticketed events
Critics argue that billionaires can easily leave the state, resulting in a loss of income, property, and sales tax dollars for Illinois. As the tax base shrinks, the state would need to compensate for the lost revenue, potentially shifting the burden to less wealthy residents.
Illinois would be the first in the world to tax wealth based on unrealized capital gains.
Author's summary: Illinois Democrats propose a unique wealth tax and new levies.
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