05/28/2026
Well that’s not good!
Surprise! a new 25% Illinois tax on stuff you already own is being proposed by Illinois Democrats!
The brand new tax is not an income tax, but a tax many Illinoisans would have to annually pay to the state annually based on the value of your property, assets and value of your bank accounts.
It was recently announced that Illinois is looking to collect an additional $900 million in tax dollars due to an "underestimate" revenue projections by Gov Pritzker's budget office.
[Q: Should Illinois be able to tax you annually based on what you already worked for, paid for, and own?]
Illinois Senate Bill 3376, sponsored by Democrats, would create a new tax you would pay on assets you already own and money already have. This is 'not' an income based tax, but a tax on what some Illinoisians already own. Never before has this type of tax been approved in Illinois.
The Illinois Revenue Alliance, comprised on Illinois progressive Democrats, is seeking to pass what they are calling a "Billionaire's Tax"
The Bill, introduced by Sen. Karina Villa (D), is backed by the Illinois Revenue Alliance. The law proposes the "Extremely High Wealth Mark-to-Market Tax Act." It aims to tax residents with net assets based on annual asset appreciation (gains or losses) each year. Individuals identified the legislation would be required report the value of their holdings at the beginning and end of each year, and the increase would be subject to the same rate that everyday Illinoisans already pay on their income. This would be on top of income tax already paid on their assets and bank holdings.
Democrats say this tax, for now, would be intended for individuals with assets of over $1 billion, but that threshold of taxed assets could easily be reduced to $1 million or less in subsequent years.
This new tax is expected to generate nearly 1 billion annually in new revenue for the state. Money would be directed to the General Revenue Fund in the State treasury. The City of Chicago is already circling above, like vultures, waiting for the money!
This tax is different than the Millionaires tax that was proposed last month. The Millionaires tax was based on 'income', this tax would not be on income, but on assets.
