SPRINGFIELD – To protect Illinois’ essential services from looming cuts in federal funding, State Senator Karina Villa introduced legislation that would establish a billionaire wealth tax in Illinois.
“Budgets are moral documents – they show us who is prioritized and who is left behind,” said Villa (D-West Chicago). “In this moment, families across Illinois are wondering where their next meal will come from. We cannot continue to balance our budget on the backs of working people while the ultra-wealthy receive tax breaks from federal government and exploit loopholes in our state tax code.”
Currently, the income tax system largely focuses on wages rather than overall change in financial resources, allowing the wealthiest individuals to avoid paying taxes on massive increases in wealth. Senate Bill 3376 would address this inequality by applying Illinois’ personal income tax to the appreciation of billionaires’ assets.
The bill is part of a series of initiatives backed by the Illinois Revenue Alliance, a coalition of labor unions, community-based organizations and legal advocacy centers. The measures seek to modernize Illinois’ tax code to create a fairer, more equitable system. According to the Institute on Taxation and Economic Policy, Illinois has the eighth most regressive tax system in the nation.
“It is unheard of for regular people to pay zero dollars in taxes, yet that is what some corporations and billionaires are getting away with,” said Villa. “Illinois must be responsible in holding accountable those who profit while our communities struggle. We need to level the playing field to ensure our families are no longer stretched thin while the rich get richer.”
Senate Bill 3376 awaits to be assigned to a committee.
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