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During a news conference Tuesday, Democrats said millions of
dollars could be raised from the new tax on assets held by
wealthy Illinoisans that go up in value.
“They are people who have more than enough in their pocket to be
able to pay their fair share,” state Sen. Robert Peters,
D-Chicago, said. “This is particularly those who are
individually wealthy as well as corporations that make money
hand over fist.”
State Rep. Will Guzzardi, D-Chicago, said the idea is similar in
concept to property taxes. As the value of a home increases, the
property tax burden increases as well. The wealth tax would work
the same way, but would only apply to the financial assets of
those worth $1 billion or more.
Guzzardi says the tax could raise up to $500 million a year. The
money would be used for various programs, including after-school
programs, but also help fund health care costs for incoming
migrants.
“We want to make sure in the state of Illinois that we’re not
choosing who’s deserving and who’s not deserving,” Lillian
Jimenez, D-Chicago, said. “We want to make sure we are forging
ahead with a path that says health care is a human right and
that we all deserve health care.”
A recent report by Illinois Health and Human Services says the
price tag of providing health care for migrants next year could
balloon to close to a billion dollars.
Republican State Rep. Ryan Spain, R-Peoria, said the new tax is
another bad idea that will drive employers out of Illinois.
“I really think it is very disappointing to hear the same type
of ideas that have been rejected by voters and will be an
absolute nonstarter for rebuilding the Illinois economy,” Spain
said.
Spain said it is these types of policies that have driven
residents and businesses out of Illinois.
“Haven’t we realized that every state around us is increasing in
population and they’re doing very well and it is because they
make it a point to be a welcoming environment to attract
businesses, employers, talented individuals and their families,
and we have to be a state that is conducive to people arriving
here and being successful, but what we keep doing is just
repelling people away,” Spain said.
Kevin Bessler reports on statewide issues in
Illinois for the Center Square. He has over 30 years of
experience in radio news reporting throughout the Midwest.
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