Illinois House Democrats Propose Wealth Tax and New Levies
State lawmakers are rushing to implement a first-in-the-world wealth tax on billionaires, along with taxes on streaming services and steep surcharges on concerts and ticketed events.
The proposed $1.5 billion transit funding plan includes a wealth tax on hypothetical income, which is unprecedented globally. This plan also encompasses taxes on streaming services such as Netflix and Spotify, as well as ticketed events.
- Wealth tax on billionaires based on unrealized capital gains, a first globally.
- Taxes on streaming services like Netflix and Spotify.
- Steep surcharges on concerts and ticketed events.
Illinois’ comeback story starts here.
A concern with this plan is that billionaires can easily leave the state, resulting in lost income, property, and sales tax dollars for Illinois. As the tax base shrinks, the state may need to compensate for the lost revenue by taxing less wealthy residents.
Author's summary: Illinois proposes a global first wealth tax.
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