-- Connecting the dots between our economy, government and business --
Democrats finally have a strategy to stop billionaires from fleeing high tax states: Block the escape routes. That’s the logic behind coordinated moves in progressive states to tax wealth. The reforms aren’t likely to pass immediately, but they illustrate the increasingly open socialist goals of progressives and their public-union backers. The Illinois plan would treat billionaires’ unrealized capital gains as income, taxed at 4.95%. The targets would have to pay the levy whether or not they sold the assets being taxed, though the author hasn’t mentioned a comparable deduction for capital losses.
Audio and summary linked here.
A mess of uncertainty and litigation is sure to follow.
Summary and audio linked here.
With $162 billion more from taxpayers, couldn’t you deliver a few bond upgrades, too
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As IL, in its increasingly dire financial situation, continues to increase and create taxes and fees, more and more private-sector “people with money” will relocate out of state. Businesses will follow suit. “People with money” now includes middle-income, upper-middle-income, and affluent categories. This continuing exodus will create an untenable situation for the lower-income people remaining. To make up for all the money leaving IL, PTs, as an example, could go to around 10 percent of property values. How could any pro-IL public sector advocates think this scenario will go on indefinitely? In other words, how do they envision IL will… Read more »
Blue states are at point of end stage communist collapse — they are desperate — like a junkie prostitute — for cash to keep their scam going
Fat Chance of this happening. The governor will lose 50 lbs. first.
The desperation of Democrat politicians to fund their political benefactor’s criminally acquired pensions is palpable. The rest of the country is finally waking up to this crime. When public sector union pensions collapse – and it is inevitable – I’ll have no compulsion to give a cent to these RICO thieves.
“Including federal levies, this means politicians would take half of every dollar in investment earnings.”
NY’s leftist politicians really want the productive class to flee the state.
Will the wealth tax apply to corporations, too. If so that will certainly accelerate the flood of those leaving
Sounds more like collusion or price fixing than an alliance
Kiss the money people goodbye. Wealth will be fleeing Illinois at an increasing rate. Soon the middle class will be holding most of the Tax debt burden. All the cops will be in Punta Gorda enjoying luxury homes and cars. Pensions are generational theft.
Hmm, will we also be able to deduct the unrealized loss on Illinois real estate?