Illinois House Democrats push first-in-the-world wealth tax, streaming, concert taxes

Illinois House Democrats Propose Wealth Tax and Streaming Services Taxes

Illinois House Democrats are pushing a first-in-the-world wealth tax on billionaires, as well as taxes on streaming services such as Netflix and Spotify, and surcharges on concerts and ticketed events.

The proposed $1.5 billion transit funding plan includes a wealth tax on hypothetical income, a concept that does not exist anywhere else in the world. Additionally, the plan includes taxes on streaming services and ticketed events.

However, 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 make up for the lost revenue, potentially shifting the tax burden to less wealthy Illinoisans.

What starts with billionaires opens the door to taxing others next.

Notably, Governor Pritzker does not support the proposal.

Author's summary: Illinois Democrats propose a wealth tax and streaming services taxes.

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Illinois Policy Illinois Policy — 2025-10-31

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