Illinois Likely to Raise Income-Tax Rate, Budget Director Says

Illinois, which is in its worst financial position ever, will raise the income-tax rate in January to address its deficit, Governor Pat Quinn’s budget director said.

Lawmakers will likely increase the personal tax to 5 percent from 3 percent, generating $6 billion of new revenue, the budget director, David Vaught, said in an interview. The legislature failed to address the deficit this year because of the pending November election, he said.