Illinois House Democrats Propose Wealth Tax and Additional Fees
Illinois House Democrats have introduced a $1.5 billion transit funding plan that includes a first-in-the-world wealth tax on billionaires.
The plan also proposes taxes on streaming services such as Netflix and Spotify, as well as steep surcharges on concerts and ticketed events.
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Critics argue that billionaires can easily leave the state, resulting in a loss of income, property, and sales tax dollars, which would need to be made up by less wealthy Illinoisans.
Additionally, there is concern that the threshold for the wealth tax could be lowered in the future, potentially affecting others beyond just billionaires.
Notably, Governor Pritzker does not support the proposal.
Author's summary: Illinois Democrats propose a wealth tax and additional fees.