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IL: Illinois likely to boost taxes, budget director says
Business Week: (Bloomberg) -- Illinois, which is in its worst financial position ever, will raise the income-tax rate in January to address its deficit, Governor Pat Quinns budget director said.
Lawmakers probably will increase the individual and corporate tax rate 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 November election, he said.
