Wealthy Illinois residents, ‘mega-corporations' could face new taxes to fund public services
SPRINGFIELD, Ill. (WTVO) — Illinois legislators and advocacy groups are pushing for higher taxes on the wealthiest people in the state and 'mega-corporations.'
State Senators and House Representatives have proposed joint resolutions to raise over $6 billion in new revenue, citing that the state's current tax system is unfair to low-income residents.
Advocacy groups that are a part of the Illinois Revenue Alliance have all shown support for the proposed bill.
Those groups include:
Asian Americans Advancing Justice – Chicago
Brighton Park Neighborhood Council
Chicago Teachers Union
Grassroots Collaborative
Healthy Illinois
Illinois Coalition for Immigrant and Refugee Rights
Jewish Council on Urban Affairs
ONE Northside
PEER Illinois
SEIU Healthcare Illinois
Shriver Center on Poverty Law
The People's Lobby
Workers Center for Racial Justice
Here are the tax increases and new taxes that would be implemented, according to the Illinois Revenue Alliance:
$725 million tax on digital advertising
$1.2 billion corporate tax worldwide, combined reporting
$200 mil Tax corporate offshore sheltered income
$1.5 billion to close the carried interest loophole
$840 million billionaire wealth tax
$1.7 billion excise tax on capital gains
$830 million to raise corporate income tax
$175 million to close corporate tax loopholes
$150 million to reform the estate tax
The policy briefing claims these new taxes will support immigrant communities, schools, public transit, healthcare access for all, senior home care, child tax credit and direct cash assistance, re-entry employment programs, violence prevention and affordable housing.
Representative William Davis (D) filed the joint resolution in the House on February 26th, while Senator Karina Villa (D) filed the proposal in the Senate on February 25th.
The proposal has been referred to assignments in the Senate and the Rules Committee in the House.
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