Illinois House Democrats Propose $1.5 Billion Tax Hike
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 and ticketed events.
- Wealth tax on unrealized capital gains, a concept that doesn't exist anywhere in the world
- Taxes on streaming services such as Netflix and Spotify
- Steep surcharges on concerts and ticketed events
Illinois' comeback story starts here.
The plan has raised concerns that billionaires can easily leave the state, resulting in a loss of income, property, and sales tax dollars, which would then need to be made up for by less wealthy Illinoisans.
Author's summary: Illinois proposes a $1.5 billion tax hike.
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