Wealth tax plan pushed in Springfield – Crain’s*

Under a proposal being introduced by Rep. Will Guzzardi, D-Chicago, anyone with a net worth of at least $1 billion would have to pay 4.95% of it off the top to the state each year regardless of whether investment markets are rising or falling and notwithstanding underlying economic conditions. “The bill’s prognosis is good,” said Guzzardi, whose measure also will be sponsored in the Senate by Sen. Robert Peters, D-Chicago. “The pandemic has only deepened the already wide economic disparity in this state. We need to act.”