Springfield progressives push to impose a wealth tax (Chicago, Harmon: sales, real estate)

[Vlajos]

OMG, these "progressives" may be the stupidest people on earth. They don't realize no one has to live here? Especially the wealthy?

Unhappy with the direction state budget talks are going, a group of Springfield’s leading progressive lawmakers today announced a new drive to move two much-discussed ideas that repeatedly have been shot down in the General Assembly: imposing a wealth tax and slashing the fee retailers get for collecting state sales taxes.

In a Springfield press conference, officials including Sen. Robert Peters and Rep. Will Guzzardi, both Chicago Democrats, said their ideas would generate a combined nearly $700 million a year for school, housing and related programs at a time when state revenues have begun to decline and potential spending cuts may be on the way.

Spokespeople for Senate President Don Harmon and House Speaker Emanuel “Chris” Welch declined immediate comment. But the request for more money comes at the same time that another progressive priority, paying heath care costs for undocumented immigrants and refugees, has poked a major hole in the state budget, with expenditures now past $1.1 billion a year.

https://www.chicagobusiness.com/poli...ose-wealth-tax

[citylove101]

I don't know the specifics of the proposed wealth tax, but the difficulty of ANY such tax is that rich people often have wealth in hard-to-value assets that can't be easily assessed. Stocks, bonds and even real estate, can be relatively easy to value. But things like fine art, antiques, jewels, sports teams, are not. Intangibles like patents, copyrights, or royalties can be even harder to judge. Taxing wealth may be a good idea, but the devil is in the details.

[Vlajos]

Originally Posted by citylove101

I don't know the specifics of the proposed wealth tax, but the difficulty of ANY such tax is that rich people often have wealth in hard-to-value assets that can't be easily assessed. Stocks, bonds and even real estate, can be relatively easy to value. But things like fine art, antiques, jewels, sports teams, are not. Intangibles like patents, copyrights, or royalties can be even harder to judge. Taxing wealth may be a good idea, but the devil is in the details.

Agree with everything, other than it may be a good idea. It's a terrible idea that is doomed to fail.

[starlitwanderer]

I don't get it, people who hate money fail to see the value of having wealthy people in the community. They will get their wish.

[VikingsToValhalla]

When I buy art-work, gold/silver coins, and other valuables & collectibles, I almost always buy with cash.
Leave no record behind, the government does not need to know what you own.
What the government doesn't know, they can't tax.

[SonySegaTendo617]

Time to give this idea a rest. As I know early on in JB's first term, voters statewide voted down the 'fair tax'. Ugh, isn't it time to move on from this idea?