Illinois House Democrats Propose Wealth Tax and Streaming Services Taxes
Illinois House Democrats have introduced a $1.5 billion transit funding plan, which includes a first-in-the-world wealth tax on billionaires and taxes on streaming services such as Netflix and Spotify.
The plan also proposes steep surcharges on concerts and ticketed events. This wealth tax is based on hypothetical income from unrealized capital gains, 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 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 tax burden to less wealthy residents.
Additionally, there is concern that lawmakers could lower the threshold for the wealth tax in the future, further impacting taxpayers.
Author's summary: Illinois proposes a unique wealth tax.
- Wealth tax on billionaires based on unrealized capital gains
- Taxes on streaming services like Netflix and Spotify
- Steep surcharges on concerts and ticketed events
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