Illinois Governor Pritzker Challenges Plan to Fund Transit With Billionaire Tax

Illinois Governor JB Pritzker said a proposal to tax billionaires’ assets and enact other levies to help fund the Chicago region’s transit system won’t advance in its current form.

The measure seeks to tax unrealized gains from residents with $1 billion or more in net assets, according to the bill filed by state Representative Eva-Dina Delgado late Tuesday. The proposed legislation, which also includes items like a $5 concert ticket surcharge and more speed cameras outside Chicago, comes during the final days of the so-called veto session that ends Thursday. Pritzker, a Democrat who is a billionaire himself, said the plan needs more review.