Illinois’
budget crisis drags on in Springfield, with the fate of the latest and ever
changing leadership proposal including increases in the individual income tax
rate from 3.75% to 4.95%, and the corporate rate from 5.25% to 7.0%. Opposition
is likely from Governor Rauner, because the proposed measure fails to include
all the ethics, pension and workers compensation reforms he wants, and from Democratic
legislators and leaders, because the proposed increases still won’t fill the
state’s budget shortfalls and unfunded pension liabilities. Looks like the
deadlock will continue for several more months.
