Illinois House Democrats Propose Wealth Tax and New Levies
Illinois House Democrats 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 lost revenue from income, property, and sales taxes, which would then need to be compensated by taxing less wealthy Illinoisans.
Furthermore, there is concern that once implemented, the threshold for the wealth tax could be lowered in the future, potentially affecting a broader range of taxpayers.
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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