Illinois House Democrats Propose Wealth Tax and Streaming Services Tax
Illinois House Democrats are pushing for a first-in-the-world wealth tax on billionaires, as well as taxes on streaming services such as Netflix and Spotify, and steep surcharges on concerts and ticketed events.
The proposed $1.5 billion transit funding plan includes a wealth tax on hypothetical income that does not exist anywhere in the world, making Illinois a pioneer in this type of taxation.
- Taxes on streaming services
- Steep surcharges on concerts and ticketed events
- Wealth tax on unrealized capital gains, a first in the world
However, critics argue that billionaires can easily leave the state, resulting in a loss of income, property, and sales tax dollars for Illinois, which would then need to be made up by taxing less wealthy residents.
When they leave, Illinois loses out on their income, property and sales tax dollars.
Author's summary: Illinois Democrats propose a pioneering wealth tax.
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