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.
As the tax base shrinks, the state would need to make up for the lost revenue, potentially shifting the tax burden to less wealthy Illinoisans.
There is also a concern that the threshold for the wealth tax could be lowered in the future, potentially affecting others beyond just billionaires.
Opposition to the Proposal
Governor Pritzker does not support the proposal.
Author's summary: Illinois Democrats propose a wealth tax.