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Congress can solve Illinois' pension crisis

from Chicago Tribune

Most people don't care whether pensions are underfunded. After all, retirement is far in the future. But if their income taxes are going to go up because state pensions are underfunded — that's another story. One advantage Illinois has is that the state has a low individual income tax rate. But now some legislators want to raise it from 3.75 percent to a max of 9.75 percent. That would be the fourth highest individual income tax rate after California, Oregon and Minnesota. more


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