Illinois House Democrats Propose Wealth Tax and Streaming Services Taxes
Illinois House Democrats have introduced a $1.5 billion transit funding plan, which includes a first-in-the-world wealth tax on billionaires and taxes on streaming services such as Netflix and Spotify.
The plan also proposes steep surcharges on concerts and ticketed events. However, critics argue that billionaires can easily leave the state, resulting in lost income, property, and sales tax dollars.
What starts with billionaires opens the door to taxing others next.
Additionally, there is concern that the tax base will shrink, and less wealthy Illinoisans will be left to make up for the lost revenue. Governor Pritzker does not support the proposal.
The plan's wealth tax is based on hypothetical income, a concept that does not exist anywhere in the world. This has raised concerns about the potential consequences of implementing such a tax.
- Wealth tax on billionaires
- Taxes on streaming services (e.g. Netflix, Spotify)
- Steep surcharges on concerts and ticketed events
Author's summary: Illinois Democrats propose a wealth tax and streaming services taxes.
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