social media tax
Coverage of social media tax in the Nexus archive.
- Will Illinois' social media tax push tech companies out? | The Chicago Report
Illinois Governor Pritzker signed a budget that includes a new social media tax to offset state spending without raising taxes on residents. The tax aims to generate revenue but raises concerns about potentially driving tech companies out of the state.
- Mayor Johnson's social media tax generating windfall of revenue amid legal challenge
Chicago is collecting $49.2 million in the first year of Mayor Brandon Johnson’s social media tax, surpassing initial estimates by 58.7%. The tax, targeting companies like Meta and YouTube, faces a legal challenge from NetChoice, which argues it violates First Amendment rights. Officials warn of potential financial losses if the tax is overturned.
- Illinois' new social media tax explained
Illinois' new budget includes a tax targeting social media companies operating in the state. Platforms with 100,000 to 500,000 users will be taxed 10¢ monthly per user, with higher tiers likely facing increased rates.