Wirepoints’ Mark Glennon on AM560’s Morning Answer: Spencer Pratt in Los Angeles Mayoral Race Offers Chicago a Blueprint
June 4, 2026
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Summary and audio linked here.
-- Connecting the dots between our economy, government and business --
With $162 billion more from taxpayers, couldn’t you deliver a few bond upgrades, too
Audio and summary 
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
And will they get write-offs/credits for unrealized losses ? And get paid 7.5% for unused credits ??
Just another routine day at the Capitol. This state is becoming a joke. The only problem is that no one in the state is laughing.
And when it doesn’t produce the expected revenue “we need to lower the threshold.” Next thing you know anyone making 60K will be rich and hit with this. If houses are taxed that won’t help their value go up. Same thing applies to your car.
Around town people are collecting signatures for democrat candidates. Ask them to telll you what good the democrats have done for you. I asked the question to a solicitor and he could not answer me.
Some family member with a high paying do nothing job asked him to get signatures and the dumb little shit did without having a clue with what is going on
Once done to billionaires, they move, the money dries up, the commmie legislators will move down the income level to tax the middle class.
I can see a lot of toilets being ripped out of houses to help offset the gains.
Pritzker opposes this: “Pritzker, for his part, swiftly pushed back on the proposal, saying he couldn’t support the legislation in its current form.”
https://www.thecentersquare.com/illinois/article_79e696eb-263f-544f-9123-17464b7d218e.html
sure. and it gets passed anyway.
Illinois continues to try its best to encourage its ultra-high earners to move to another state. It really makes you wonder how Illinois lawmakers’ minds operate.
This is hilarious. Please do it. I’m sure billionaires are dumb enough to sit still and let Illinois do it to them, knowing that it will soon happen to them in other states where they have property. I’m sure the Illinois Department of Revenue have uber-competent people capable of reading complex financial statements. I’m sure it won’t soon devolve into a required audit every year for those billionaires. Don’t limit it to billionaires, expand it to Millionaires, then to thousandaires. The desperation and cluelessness I am witnessing in that lunatic asylum you call a state is something far beyond astonishing.
Tax on unrealized gains? In the tax world, that opens up a whole slew of potential new taxes as well as tax controversies, thereby making tax attorneys happy for decades to come. Regardless, I cannot think of a better way to train wreck Illinois than a wealth tax like this. Please do it. When it doesn’t get it done, expand the definition of “rich” accordingly, with the ultimate goal being a wealth tax on anybody who owns anything. And you say you are not slaves?
Unrealized gains. Taxing money that hasn’t been gained. This was stupid when AOC and the rest of the democratic morons were talking about it, but now Springfield sees another way to steal money from taxpayers and citizens by taxing…vapor.
The Illinois way…always pass unpopular legislation at the 11th hour or in the dead of night on the final session day.
I’ve never seen The Tax Foundation use words like “astonishing.” They are usually far more reserved. But “astonishing”is exactly right for this.
Wow. Illinois legislators have next to no knowledge of finances and the fact they are even discussing cramming this through is outrageous. Unrealized gains is just that – unrealized. It starts with “billionaires” now and when they move out, it is up the rest of Illinois to fill the vacuum when they lower the income threshold. I certainly hope this was not an assumption in the latest Moody’s rating that upgraded Illinois debt because this is going to drive any remaining high wealth individuals out, not named Pritzker. Speaking of which, no way Jabba will pay this tax after he… Read more »
History suggests that rating houses often may say anything you pay them to say. No credibility if they just upgraded the financial standing of Illinois.
Legislators know rich people have money, and they know their supporters want that money. In their world, that’s all they need to know.