Story perspectives

Illinois Lawmakers Propose Controversial Wealth Tax for Transit Funding

10/30/2025

Summary

Story summary

Illinois lawmakers propose a 4.95% wealth tax on unrealized gains to close a $200 million Regional Transit Authority (RTA) budget gap.
The plan is unprecedented and could face challenges under the Illinois constitution prohibiting additional taxes.
Critics say it is double taxation and could drive wealthy residents from Illinois.
Lawmakers favor reforming the Regional Transit Authority to cut costs.
The proposal is set to be rushed before October 30.

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Story summary

Illinois lawmakers propose a 4.95% wealth tax on unrealized gains to close a $200 million Regional Transit Authority (RTA) budget gap.
The plan is unprecedented and could face challenges under the Illinois constitution prohibiting additional taxes.
Critics say it is double taxation and could drive wealthy residents from Illinois.
Lawmakers favor reforming the Regional Transit Authority to cut costs.
The proposal is set to be rushed before October 30.