SPRINGFIELD, Ill. (WAND) — Progressive Democratic lawmakers and advocates are calling for a billionaire's tax to pass out of the General Assembly.

The Illinois Revenue Alliance said families are suffering while billionaires and giant corporations avoid paying their fair share. 

Senate Democrats have introduced plans to create a billionaire wealth tax and close corporate tax loopholes. They note that a billionaire wealth tax could generate $840 million for the state, while closing corporate tax loopholes would generate $175 million.

"Working families pay a much higher tax rate than most billionaires and big tech corporations like Amazon that pay workers so little that many of them rely on public assistance programs to survive," said Sen. Graciela Guzmán (D-Chicago). "So not only do they fail to pay what they owe, they often use taxpayer money and programs to avoid paying fair compensation and providing the benefits that they could easily afford." 

Gov. JB Pritzker and House Speaker Emanuel "Chris" Welch (D-Hillside) have publicly supported a millionaire's tax in the past, but haven't commented on the billionaire tax proposal.

Senate Democrats have also filed a bill to create a digital advertisement tax. Sponsors told reporters in Springfield that they hope to take money from that tax to help low-income families.

"We need to take the money from these ultra-rich billionaires and make it so less people have to go to a food pantry," said Sen. Robert Peters (D-Chicago). "Let's make it so a safety net hospital is able to stay open. Let's make it so people have comfort and a roof over their head."

The Illinois Revenue Alliance said a digital ad tax could help Illinois rake in $725 million. Another bill to require corporate tax worldwide combined reporting would generate $1.2 billion.

The Illinois Senate canceled session scheduled for Thursday, and senators won't return to Springfield until Feb. 17.

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