An Illinois wealth tax would be a legal disaster. – Illinois Policy

Critics of a capital tax proposal from the Biden administration argued that taxing unrealized gains stretches the definition of income beyond its legal limits, potentially making the proposal unconstitutional under the 16th amendment. The tax also runs the risk of double taxation which is also prohibited under the Illinois constitution.
10 Comments
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Mark F
1 year ago

But we are doing it for the good of the children.

Taxpayer
1 year ago

That’s one reason why Governor WIDE-LOAD is against it. I’m sure there are billions of other reasons.

Morefandave
1 year ago

I have a better idea for a tax: tax the increase in net worth of legislators since they took office. Call it a Capitol Gains tax.

Free at Last
1 year ago

Go for it. Your neighboring states thank you.

JackBolly
1 year ago

Democrats have wanted to tax financial assets for years – it’s an extension of them taxing people who own physical property, i.e. cars, homes, businesses. Democrats plantation is large and expansive and the public unions have moved into the big house.

Sanity please
1 year ago

Very soon Illinois will allow payment of wealth taxes in pesos and dineros.
Adios!

David F
1 year ago

Illinois has a history of creating laws that are unconstitutional with the plan to drag it in the courts as long as possible (i.e. PICA). Pritzker would never sign it anyhow he would have to leave the state.

Isn’t Illinois Fun?
1 year ago

Would IL owe refunds on realized losses?

Free at Last
1 year ago

You should know that the tax road is one way. It goes in but it never comes out.

mqyl
1 year ago

No new tax is too harebrained for Illinois to pursue.

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