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* At an unrelated press conference, Governor JB Pritzker was asked about the new transit funding plan from House Democrats…
Reporter: The House introduced a sweeping transit bill last night that includes a number of revenue enhancements including a billionaires tax, amusement tax, sales take among others. What’s your position on the bill and do you support it?
Pritzker: Well, I have to say they sprung a whole bunch of things that have never been seen before, so it’s very hard to evaluate in a short period of time. I think there’s a whole lot of work the legislature still needs to do. As you know, when you come up with a new idea, it’s got to be run through the Department of Revenue to figure out how you might go about collecting the tax or what it would actually yield. And so anticipate that that work will be done.
There are things like the, what you’re calling a billionaires tax, that is really it’s a tax on unrealized capital gains. It’s never been done before, never been done before by any state, never been done by the federal government. So once again, you got to do a whole lot of work before you can pass a bill that if you don’t even know how it would work or whether you could actually collect on it.
Click here for more on the mark to market tax from the Tax Foundation.
* On allowing municipalities to install speed cameras…
Reporter: The bill also includes a provision that adds 50 percent of the revenue from speed cameras in towns outside of Chicago to go to the newly proposed governing authority to whatever changes the lawmakers want to make to mass transit. But this would mean that the suburbs and other Illinois towns would be allowed to have speed cameras, right since you since none of them have them, except for the city of Chicago. Two part question, is that something you support?
Pritzker: No.
Reporter: How do you think that will look? How do you think increasingly Democratic voters in the suburbs will take that since they would be paying for this?
Pritzker: It’s a bad idea. We’ve had so many problems with speed cameras in the state. There’s been corruption around them. Honestly, I think we need to, you know, take a pause.
* On the 7 percent statewide tax on entertainment…
Reporter: What about the amusement/entertainment tax?
Pritzker: We could go through the whole bunch of things. As you know, the Senate passed a bunch of things last May… I mean, as it is, it’s not going forward. There’s got to be a lot of discussion between the House and the Senate in order to come up with a final bill, because it isn’t going to look like what the House has put forward.
…Adding… Capitol News Illinois’ Brenden Moore…
Response from Gov. Pritzker’s office: “Not true.” ? https://t.co/Rkg4vlYbmE
— Brenden Moore (@brendenmoore13) October 29, 2025
…Adding… Organized labor supports the House bill…
Today Tim Drea, Illinois AFL-CIO President, on behalf of the Labor Alliance for Public Transportation, released the following statement in support of SB2111 HA2 to address Illinois’ transit fiscal cliff and offers long overdue reforms to improve public transit across Illinois:
“We applaud Leader Buckner, Leader Delgado, and the entire House Transit Working Group for their hard work to secure the future of Illinois’ public transportation systems. It is imperative that the General Assembly pass this legislation before the end of Veto session to establish a dedicated, sustainable revenue source that will fund our transit networks for the long term and deliver coordinated, cost-efficient public transportation for all Illinoisans.
After years of rallies, meetings, and town halls, one message is clear: Illinoisans want safe, reliable, and fully funded public transit. Without action by Thursday, layoff notices will be issued and service cuts will follow - threatening our economy and access to jobs, healthcare, childcare, and more. SB2111 HA2 provides us the opportunity to deliver a stable, world-class public transit system that our communities both need and deserve. The time for action is now.”
posted by Isabel Miller
Wednesday, Oct 29, 25 @ 11:39 am
Previous Post: Illinois Credit Unions: People Helping People
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1000 page bill.
And in the veto session.
Incredible.
Comment by cal skinner Wednesday, Oct 29, 25 @ 11:41 am
=it’s not going forward=
Based on JB’s quick and dismissive comments at today’s presser, this bill is facing as much pushback as the controversy over Frerichs’ remarks about taxing retirement income
Comment by Think again Wednesday, Oct 29, 25 @ 12:01 pm
Throw it against the wall and see what sticks. Is BJ managing house bills now..:
Comment by 44 Wednesday, Oct 29, 25 @ 12:02 pm
-to figure out how you might go about collecting the tax-
How would you tax Berkshire Hathaway that doesn’t pay a dividend? How would you know an Illinois resident owns Berkshire since it doesn’t create a taxable event for the Illinois Department of Revenue??
Comment by Steve Wednesday, Oct 29, 25 @ 12:08 pm
Not my guy, but Pritzker gave good answers.
1000pgs. whew.
I’d like to use this forum to promote the idea of tax credits for unrealized losses.
Seems reasonable, doesn’t it?
Thank you. /s
Comment by 40,000 ft Wednesday, Oct 29, 25 @ 12:08 pm
Glad the Governor said no. Now what?
Comment by Rahm's Parking Meter Wednesday, Oct 29, 25 @ 12:10 pm
– Well, I have to say they sprung a whole bunch of things that have never been seen before, so it’s very hard to evaluate in a short period of time –
Well, the lack of evaluation time hasn’t stopped anyone in that building for years from passing thousands of pages of consequential, controversial, system altering, probably unconstitutional legislation, sight unseen, in the dead of night, with only hours of debate, when the state constitution requires days, at least.
But glad to hear the governor is at least somewhat concerned about irrelevant “process” now.
Comment by JB13 Wednesday, Oct 29, 25 @ 12:24 pm
You are trying to raise $1.5 billion, and you are asking the people who actually use the service to kick in only a quarter. It doesn’t seem fair.
Comment by Tom Wednesday, Oct 29, 25 @ 12:32 pm
For a guy who wants to increase the income tax, he seems pretty opposed to paying taxes. Between the toilets and his opposition to a tax that impact about 12 Illinois residents (including him and his siblings) it almost seems like “Fair Share” is lip service.
Comment by Just Another Anon Wednesday, Oct 29, 25 @ 12:33 pm
===Well, the lack of evaluation time hasn’t stopped anyone===
Almost everything they rush a vote on has previously been vetted, usually in committee, but also in working groups/caucuses/trilateral negotiations.
Springing a bunch of taxes on the other chamber and the governor with 2 days left in the session ain’t the way to do it.
Comment by Rich Miller Wednesday, Oct 29, 25 @ 12:36 pm
Wow, how are the transit bill leads this incompetent? They had five months to propose and vet ideas to fund transit and they didn’t even share them with the Governor until this week? I get that you gotta cook this stuff up behind closed doors, but the second week of Veto isn’t the time to unveil massive new tax policy. Looks like those transit cuts are coming…
Comment by Senator Clay Davis Wednesday, Oct 29, 25 @ 12:37 pm
===they didn’t even share them with the Governor until this week?===
Yesterday. Same for the Senate.
Comment by Rich Miller Wednesday, Oct 29, 25 @ 12:38 pm
SOS - 1,000 pages of bad ideas. Had two years to work this out . . . . . .didn’t. In the House, new boss the same as the old boss.
Wouldn’t run a lemonade stand in this fashion . . . . .
Comment by Amazing Wednesday, Oct 29, 25 @ 12:44 pm
It doesn’t seem this group is ready for prime time…
Comment by Friendly Bob Adams Wednesday, Oct 29, 25 @ 12:44 pm
==a tax on unrealized capital gains==
What happens if the investment loses money after it is taxed?
How do you determine the value of a capital gain on something not publicly traded?
Why wouldn’t billionaires just change their residence to avoid this tax?
Would the tax apply to endowment and pension funds that have over $1 billion in assets.
The Gov is correct in asking questions about this proposal.
Comment by Kathy Wednesday, Oct 29, 25 @ 12:45 pm
I mean, to their credit and to be fair, they are putting forward specific proposals in a very substantive bill. And those proposals likely earned something close to majority support in the caucus, which is not an easy thing to do and probably didn’t happen until this week.
Comment by Dan Johnson Wednesday, Oct 29, 25 @ 12:45 pm
=== “they didn’t even share them with the Governor until this week?”
Yesterday. Same for the Senate. ===
Thus, today’s brushback by the Gov. When will leaders learn to work with fellow party leaders during the process? Springing it on opposition party is one thing. Doing it to your own folks makes you look bad.
Comment by Norseman Wednesday, Oct 29, 25 @ 12:46 pm
=Springing a bunch of taxes on the other chamber and the governor with 2 days left in the session ain’t the way to do it.=
Absolutely. Genuinely confused on why the House lead sponsors have run such a bad process on this since May 31. Is the answer just petty grievances at how the Senate handled it in Spring?
Comment by Sox Fan Wednesday, Oct 29, 25 @ 12:47 pm
===In the House, new boss the same as the old boss==
Is it? The Old Boss woulda gotten this done. There are endless fair criticisms of Madigan, but legislative incompetence wasn’t one.
Comment by Senator Clay Davis Wednesday, Oct 29, 25 @ 12:53 pm
==How would you tax Berkshire Hathaway that doesn’t pay a dividend?==
I think a dividend would be a “realized” capital gain or income (not an accountant) so those are already taxed. Valuing non-public assets will be a boon for Illinois accountants and other financial services bean counters. Not sure why anyone would pay those fees to dispute valuations with IDOR rather than just changing your residence.
Comment by Kathy Wednesday, Oct 29, 25 @ 12:55 pm
Big L for Rep. Buckner. He seems like a nice guy, good candidate in a lot of ways, but I do not understand the thinking behind this. Pretty sure the “suggest impossible fantasy ideas” lane is already occupied.
Comment by Three Dimensional Checkers Wednesday, Oct 29, 25 @ 12:58 pm
===Valuing non-public assets will be a boon===
Ain’t gonna be a boon because the bill ain’t passing.
Comment by Rich Miller Wednesday, Oct 29, 25 @ 1:00 pm
Wow, how are the transit bill leads this incompetent? They had five months to propose and vet ideas to fund transit and they didn’t even share them with the Governor until this week? I get that you gotta cook this stuff up behind closed doors, but the second week of Veto isn’t the time to unveil massive new tax policy. Looks like those transit cuts are coming…
Wrong…this has been known for years..they just ignored it by using covid $…. Dont let them fool you..
Comment by Red headed step child Wednesday, Oct 29, 25 @ 1:35 pm
== How would you tax Berkshire Hathaway that doesn’t pay a dividend? How would you know an Illinois resident owns Berkshire since it doesn’t create a taxable event for the Illinois Department of Revenue?? ==
You create new tax form IL-42019 “Net Worth Tax” It consists of two lines: 1. Sum worth of taxable assets 2. Multiply line 1 by .05
Anyone / business not filling this form out, the Illinois IRS fills it out for them and sends them the bill.
Easy. Next?
Comment by Stosh Wednesday, Oct 29, 25 @ 1:40 pm
Unrealized gains are not gains and therefore not income so it can’t be taxed.
Do you refund the money or issue credits when they have unrealized losses?
Amateur hour in Springfield.
Save the Hail Mary’s for the gridiron or church.
Comment by Harrison Wednesday, Oct 29, 25 @ 1:55 pm
= Is it? The Old Boss woulda gotten this done. There are endless fair criticisms of Madigan, but legislative incompetence wasn’t one.=
Seriously? Accomplishing nothing all session, rushing everything through in the last couple of days, et. al. was a permanent mode of operation.
Like every single year.
Legislative incompetence? The mode of operation went far beyond that standard. What he went to jail for was the tip of the iceberg. A truly bad guy. Demanding loyalty until of course he self exposed as entirely disloyal.
Comment by Amazing Wednesday, Oct 29, 25 @ 2:02 pm
Seriously? Accomplishing nothing all session, rushing everything through in the last couple of days, et. al. was a permanent mode of operation.
I guess I’m missing the part where this has changed.
Comment by Don't lose Sight Wednesday, Oct 29, 25 @ 2:10 pm
@Amazing and Don’t lose Sight.
When things were rushed through at the end of session there were the votes there to pass the bill in both chambers. That’s the difference.
Contrary to this proposal which appears to be the House Dem-only proposal that was not negotiated with any other legislative caucus or the Governor, probably does not even have 60 votes in the House itself, and potentially puts members in an odd position of having to vote yes on something that has the dual benefit of likely being extremely unpopular and unlikely to actually becoming law.
Plus, because of the way this was just sprung on everyone, it probably takes some of the ideas off the table permanently when if they were kept in a drawer until it was time to get through a negotiated bill some of the revenue items would likely make it in.
Comment by Juice Wednesday, Oct 29, 25 @ 2:18 pm
===I guess I’m missing the part where this has changed. ===
The difference is a bill was produced that likely cannot pass both chambers.
Comment by Rich Miller Wednesday, Oct 29, 25 @ 2:24 pm
“Plus, because of the way this was just sprung on everyone, it probably takes some of the ideas off the table permanently when if they were kept in a drawer until it was time to get through a negotiated bill some of the revenue items would likely make it in.”
Very understated but important point. And also extends to the Senate version from May. Introducing and passing these ideas out of committee/one chamber without their actually becoming law is a very real problem for when things will be ready to rock.
Comment by *ducks* Wednesday, Oct 29, 25 @ 2:32 pm
The incompetence is also putting the governor (a billionaire) in a position where he has to publicly oppose a “billionaire tax.” It’s a big new policy that he hasn’t seen, and now he has to oppose it publicly because he didn’t have the chance to oppose it privately.
Putting your party leader in that position while he’s angling for the Democratic presidential nomination is just incompetent politics.
Comment by Senator Clay Davis Wednesday, Oct 29, 25 @ 3:05 pm
the senate version was better
Comment by hmmm Wednesday, Oct 29, 25 @ 3:30 pm
Another way to look at this is that Speaker Welch has raised a lot of money, much of it from organized labor, and he learned in the last election that Following Pritzker’s lead 100% of the time does not lead to electoral wins.
If you are Welch, is there a downside to putting a revenue bill out there that labor loves, only to have Pritzker kill it?
Welch and Harmon both need to be independent of Pritzker if they are going to remain in their jobs.
Tim Drea is a smart guy. Clayton Harris is an actual rocket scientist. I am interested in watching this all play out.
Comment by Thomas Paine Wednesday, Oct 29, 25 @ 3:34 pm
===that labor loves===
You’re grossly misreading the statement. Labor will back anything that raises the money. But what they really want is a law, not a veto.
Comment by Rich Miller Wednesday, Oct 29, 25 @ 3:43 pm