* From the Illinois Revenue Alliance…

Members include: Brighton Park Neighborhood Council, Chicago Teachers Union, Grassroots Collaborative, Healthy Illinois, Illinois Coalition for Immigrant and Refugee Rights, Jewish Council on Urban Affairs, ONE Northside, PEER Illinois, SEIU Healthcare, Shriver Center on Poverty Law, The People’s Lobby, Workers Center for Racial Justice.

* Excerpts from the more detailed page…

Proposal: Impose a 10% tax on digital advertising revenue on corporations that make over $150 million from digital ads. This tax would only impact the largest corporations profiting off of our personal data. Revenue Estimate: FY25-$775 Million, FY26-$895 Million

Proposal: Illinois should implement worldwide combined reporting worldwide combined reporting (WWCR) for corporate tax filing. This would require multinational corporations to include the income of their foreign subsidiaries when calculating Illinois’ share of their profits. Currently, six states and DC states require corporate filings to include foreign subsidiaries located in known tax haven countries. One state, Alaska, requires WWCR for oil companies. Revenue Estimate: $1.2 Billion.

Proposal: Apply Illinois’ corporate income tax and personal property replacement tax to GILTI, a 9.5% tax rate. Since the federal government only taxes 50% of GILTI, Illinois should tax the other half. This would impact large multinationals with access to offshore tax havens. Revenue Estimate: $200 Million.

Proposal: Place a 17% surcharge on all carried interest income by hedge fund and private equity executives, the percentage by which carried interest is under-taxed federally. This would eliminate these executives’ tax advantage while preserving the incentive to be a successful hedge fund manager. Revenue Estimate: $1.5 billion.

Proposal: Impose a “mark-to-market” wealth tax, which would apply Illinois’ personal income tax (4.95%) to the appreciation of billionaire’s assets. This solution was also proposed in the Biden-Harris administration’s FY 2025 budget. Revenue Estimate: $840 million

Proposal: Impose a tax of 7% on long-term capital gains on assets other than real estate over $250,000 in a given tax year. The average income of an individual being taxed under this surcharge is $4.2 million, and over 99% of the tax would be paid by people in the top 20% of income. Revenue Estimate: $1.7 billion

Proposal: Raise the Illinois corporate income tax rate from 7% to7.92%, which is the maximum increase allowed underthe IL constitution (tax limited to 8/5 of the personal income tax). Revenue Estimate: $830 million (2)

Proposal: Eliminate the remaining corporate tax loopholes identified by the governor’s administration, which include:

* Manufacturing Equipment Subsidy: Remove production-related tangible personal property from the manufacturing machinery and equipment sales tax exemption (loophole originally closed in 2008 but reopened in 2019).
* Corporate Construction Subsidy: Eliminate the add-on corporate income tax credits for construction job payroll.
* Biodiesel Sales Tax: Accelerate the expiration of the remaining sales tax exemptions for biodiesel, which is scheduled to sunset in 2030.

Revenue Estimate: $175 million

Proposal: Reduce the state estate tax exemption to $2 million, returning it to the more equitable level it was set at until 2011. Revenue Estimate: $150 million

More at the link.

Which ones do you like and which ones do you not like?