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Reps. Travis Weaver, R-Pekin, and John Cabello, R-Machesney
Park, and Sen. Neil Anderson, R-Andalusia, spoke Thursday about
opposing multiple new taxes and fees – some of which are being
challenged legally.
They oppose taxes on cryptocurrency, fantasy sports, sports
betting, social media, and digital ads. The taxes and fees were
included in the state’s budget, but mostly weren’t counted on
for revenue due to legal uncertainty, which Weaver took issue
with.
“They are, however, projecting costs because the lawsuits have
already started and the Attorney General will have to defend
them in court,” Weaver said. “These taxes can cost more money
than they take in. That's a wild concept. The entire point of
taxes, literally the only reason they exist, is to raise money
for the public good.”
Weaver said bills have been filed to repeal the measures.
Cabello filed a bill to repeal the digital asset tax, with
Weaver filing bills to repeal the other four. Anderson filed
companion bills for each in the Senate.
Cabello said the digital asset tax, which is a tax on
cryptocurrency, has a cost to taxpayers whether they earn or
lose money on their digital investments.
“You can lose money and still owe this tax. The broker collects
it, you pay it, and Springfield spends it. They'll tell you it's
only two tenths of 1%. Well, it's always only something when
it's coming out of someone else's pocket,” Cabello said.
Anderson and the other lawmakers tied the new measures – many
taking effect Jan. 1 – to the high cost of living working
Illinoisans face as state spending continues to increase each
year.
“Families have to live within a budget, businesses have to live
within a budget, state government should have to do the same
thing. But instead of getting spending under control, this
administration and the Democrat supermajority keep looking for
new places to tax and new fees to collect,” Anderson said.
Democrats in Springfield argued there would be little to no
impact on Illinois families before the discussed tax measures
passed.
Weaver said while on paper the argument may be correct, there
are secondary ways the measures can impact residents.
“One of two things is really going to happen, they're going to
stop providing that platform in the state of Illinois. That's
not good for people.They like to use those services. And the
other option there is if they're going to pass it on to the
consumer somehow,” Weaver said.
The lawmakers said they hope to earn support to repeal the taxes
during the fall veto session, and Weaver said he feels
optimistic that the bills he called “easy wins” will earn some
support across the aisle.
Veto session is scheduled for Nov. 17-19 and Dec. 1-3 this year.
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