The plan to shore up Chicago-area transit agencies would raise $1.5 billion for the state’s transit networks.
Illinois House Democrats introduced a proposal to fund Chicago-area transit system via new taxes on entertainment events and billionaires, as well as some revenue from speed cameras.
According to an article by Jeremy Gorner, Olivia Olander, and Talia Soglin in the Chicago Tribune, “Democrats who have a supermajority in the House proposed a 7% amusement tax that includes streaming services such as Netflix, a $5 surcharge per ticket on large events such as concerts and sports competitions and a 4.95% tax on unrealized gains on billionaires’ assets — known in shorthand as a billionaire’s tax, according to lawmakers and the bill.”
The proposal would raise $1.5 billion for the Chicago Transit Authority, Metra and Pace. “Without more money, the CTA has said, service cuts will begin in August of next year. That’s even with a proposed fare increase of 25 cents per ride to take effect Feb. 1.”
FULL STORY: Illinois House Democrats introduce new transit funding plan, eye billionaire and entertainment taxes
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