SPRINGFIELD, Ill. (WAND) — Progressive Democratic lawmakers and advocates are continuing their push for a billionaire’s tax as the state budget deadline nears.

The Illinois Revenue Alliance told reporters in Springfield Wednesday that families are suffering while billionaires and giant corporations avoid paying their fair share. 

Democrats have plans to create a billionaire wealth tax and close corporate tax loopholes. They argue a billionaire tax could generate $916 million for the state, and closing corporate tax loopholes would generate $700 million.

"It’s straightforward," said Sen. Karina Villa (D-West Chicago). "Billionaires would 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."

Progressives have also filed a plan to create a digital advertisement tax to help low-income families. The Illinois Revenue Alliance believes this tax could rake in $1.1 billion for Illinois. 

Yet, Senate Republican leaders said they strongly oppose the revenue enhancement ideas these Democrats hope to include in the budget. Senate GOP Leader John Curran (R-Downers Grove) said Illinois has record revenue, and there is no need for new taxes on job creators.

"If we would just lean into more pro-growth policies and be more competitive in this country on attracting and retaining jobs and economic investment, a lot of these budget pressures go away," Curran said.

Senate Republicans said lawmakers need to approve a budget that prioritizes Illinois families and businesses. They argue the progressive tax proposals would be a slap in the face to bipartisan work on tax credits for corporations.

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