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June 14, 2023

Guzzardi’s Illinois House bill would tax the unrealized portfolio gains of billionaires at the income tax rate for individuals of 4.95%. Skeptics say this kind of proposal could run counter not only to the Illinois constitution’s uniformity clause, but also to a provision that there will be only one tax on income. “Does taxing unrealized gains count as income?” says Ralph Martire, executive director at the nonprofit Center for Tax & Budget Accountability. “That question will come up.”

Source: Crain's Chicago Business