Illinois House Democrats Propose Wealth Tax and New Levies
Illinois House Democrats are pushing for a first-in-the-world wealth tax on billionaires, as well as 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, a concept that does not exist anywhere else in the world. Additionally, taxes on streaming services and ticketed events are part of the plan.
- Taxes on streaming services such as Netflix and Spotify
- Steep surcharges on concerts and ticketed events
- Wealth tax on billionaires
What starts with billionaires opens the door to taxing others next.
If billionaires leave the state, Illinois would lose out on their income, property, and sales tax dollars, leading to a shrinking tax base. This could result in less wealthy Illinoisans being taxed to make up for the lost revenue.
Notably, Governor Pritzker does not support the proposal.
Author's summary: Illinois Democrats propose a wealth tax and new levies.
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