Building trades unions in Illinois are opposing a proposed sports betting tax hike in the state. The unions argue that increasing the tax on sports betting would hurt jobs in the construction industry and jeopardize funding for infrastructure projects.
The proposed tax hike would increase the tax rate on sports betting revenue from 15% to 25%. The building trades unions believe that this increase would make it harder for sportsbooks to operate profitably, resulting in a reduction in construction projects and job opportunities in the industry.
Unions point out that the construction industry relies heavily on projects funded by revenues from sports betting and other forms of gambling. They fear that an increase in the tax rate would discourage sportsbooks from investing in new facilities and upgrades, ultimately leading to a decrease in construction work.
The unions are calling on lawmakers to reconsider the proposed tax hike and to find alternative ways to generate revenue. They argue that increasing the tax rate on sports betting would ultimately be counterproductive and harm the state’s economy.
Supporters of the tax hike argue that it is necessary to help fund education and other essential services in Illinois. However, building trades unions are concerned that the potential economic impact of the tax increase on the construction industry far outweighs any benefits it may bring to other sectors.
As the debate continues, it remains to be seen whether Illinois lawmakers will heed the concerns of building trades unions and reconsider the proposed sports betting tax hike. The unions are urging legislators to consider the long-term consequences of the tax increase on the construction industry and to find a more balanced approach to funding essential services in the state.
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