Illinois Lawmakers Are Attempting to Rush Through a Harmful Tax on Unrealized Gains in 48 Hours

Illinois Democrats Push for New Tax on Unrealized 'Paper Gains' of Billionaires’ Investment Portfolios

The nearly 5 percent tax would go to cover massive shortfalls in public transportation systems.

An Illinois wealth tax would be a legal disaster. – Illinois Policy

Critics of a capital tax proposal from the Biden administration argued that taxing unrealized gains stretches the definition of income beyond its legal limits, potentially making the proposal unconstitutional under the 16th amendment. The tax also runs the risk of double taxation which is also prohibited under the Illinois constitution.

Illinois Lawmakers Are Attempting to Rush Through a Harmful Tax on Unrealized Gains in 48 Hours

Illinois lawmakers are attempting to rush through a harmful mark-to-market capital gains tax proposal that captures unrealized gains.