Illinois is considering hiking corporate taxes to the highest level of any US state as part of a financial reform package that political leaders in the cash-strapped state are rushing to complete ahead of the swearing-in of a new legislature on Wednesday.
The state’s finances are in crisis. It faces a $15bn budget deficit, an unfunded pension liability of at least $80bn, and more than $8bn of unpaid bills to schools, universities and social welfare organizations.
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