Illinois House Democrats Propose Wealth Tax and New Levies
Illinois House Democrats are pushing for a first-in-the-world wealth tax on billionaires, along with taxes on streaming services and concerts.
The proposed $1.5 billion transit funding plan includes a wealth tax on hypothetical income, which does not exist anywhere in the world. This plan also includes taxes on streaming services such as Netflix and Spotify, as well as steep surcharges on concerts and ticketed events.
- Tax on wealth based on unrealized capital gains, a global precedent
- Taxes on streaming services like Netflix and Spotify
- Steep surcharges on concerts and ticketed events
Illinois would be the first in the world to tax wealth based on unrealized capital gains.
Billionaires can easily leave the state, resulting in lost income, property, and sales tax dollars for Illinois. As the tax base shrinks, the state would need to compensate for the lost revenue, potentially shifting the tax burden to less wealthy Illinoisans.
Author's summary: Illinois Democrats propose a unique wealth tax.
More News
- Illinois House Democrats push first-in-the-world wealth tax, streaming, concert taxes
- Lorient 1-1 PSG: Lorient rescue point against Paris
- Brisbane priests share All Souls’ Day cultural significance - The Catholic Leader
- Rob Jetten’s liberals and Geert Wilders’ far right battle to win Dutch election
- Lacoste Debuts Rolex Paris Masters 2025 Collection - V Magazine
- Apple stock gets $320 target from BofA ahead of Q4 earnings - 9to5Mac
- Down 30% and Still Growing its Payout: 1 Canadian Stock I'd Snap Up
- Bruce Bruce County Museum marks Remembrance Day with special guest