Illinois House Democrats push first-in-the-world wealth tax, streaming, concert taxes

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.

As part of a $1.5 billion transit funding plan, the proposed wealth tax would target hypothetical income, a concept that does not exist anywhere else in the world.

Illinois’ comeback story starts here.

Critics argue that billionaires can easily leave the state, resulting in lost income, property, and sales tax dollars, which would then need to be made up by less wealthy Illinoisans.

Author's summary: Illinois Democrats propose a wealth tax and new levies.

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Illinois Policy Illinois Policy — 2025-10-31

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