Illinois House Democrats Propose Wealth Tax and Streaming Services Tax
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.
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.
This could lead to a shrinking tax base, forcing the state to make up for the lost revenue by taxing less wealthy Illinoisans.
Additionally, there is concern that the wealth tax threshold 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 new streaming services tax.