The Land of Lincoln needs to end the phony math and restructure its debts and pensions. But legislative incompetence will keep the state in a death spiral.
House Floor Amendment No. 2 to Senate Bill 9 would permanently increase the individual income tax rate to 4.95 percent and the corporate income tax rate to 7 percent, but would not expand the state sales tax to services.
A new poll shows Gov. Bruce Rauner’s political base opposes the tax hike budget proposal the governor has supported. And Illinoisans who favor the tax hike budget proposal do not support Rauner.
In two separate deals with JPMorgan, CPS borrowed $387M to make a teacher pension payment at end of June and as a result of the deal, will accumulate at least $7M in interest.