Sorry, Illinois, Your Taxes Aren't Going Down Anytime Soon
- Rauner calls for up to $1 billion tax cut with pension reform
- Retirement system has $129 billion of unfunded liabilities
Bruce Rauner
Photographer: Alex Wong/Getty Images
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Illinois residents could enjoy lower taxes if their squabbling leaders tackle the debt-riddled state’s biggest problem -- its massively underfunded pension system. But that’s a big if.
Republican Governor Bruce Rauner, who’s running for re-election this year, says he could lower taxes by as much as $1 billion. First, lawmakers must address a crisis that’s vexed the state for years, and get a plan cleared by the courts soon.