Illinois House Democrats Propose Wealth Tax and Streaming Services Tax
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 revenue from income, property, and sales taxes.
What starts with billionaires opens the door to taxing others next.
Additionally, there is concern that the tax base will shrink, leaving less wealthy Illinoisans to make up for the lost revenue. Governor Pritzker does not support the proposal.
A potential issue with the plan is that it could lead to a decrease in the state's tax revenue, as billionaires may choose to leave the state to avoid the wealth tax.
- Wealth tax on billionaires
- Taxes on streaming services such as Netflix and Spotify
- Steep surcharges on concerts and ticketed events
Author's summary: Illinois Democrats propose a wealth tax and streaming services tax.
More News
- Colonizers Torch Vehicles in Burqa Amid Daily Attacks, Land Seizures
- Uzbekistan pitches worldwide initiatives at UNESCO General Conference
- CDEDI urges MPs to prioritize citizens’ interests new parliamentary term Malawi 24 | Latest News from Malawi
- Most Exciting Prospects for 2026: AL Central
- An Obscure Military Program Helps Local Cops Buy Armored Cars and Spyware. It Might Balloon Under Trump.
- THE LATIN AMERICA DIARIES ENTRY VIII: What makes you local? - Tracks Magazine
- Record Job Cuts at Amazon and UPS. AI and Reorganization Changing the Face of Logistics
- Trump Goes Full Dictator With Bonkers Threat to Use Air Force and Navy in U.S. Cities
- How Discrimination and Stress Impact the Mental Health of Young Sexual Minority Men
- Israeli Colonizers Invade Bedouin Village Near Jerusalem