CHICAGO—The governor of Illinois is setting out on a tough sales job: convincing voters to replace the state’s flat income-tax rate with a graduated rate that would hit the wealthy the hardest. Illinois faces a $3.2 billion budget deficit next fiscal year, unfunded pension liabilities estimated from $133 billion to $250 billion, and the worst credit rating of any U.S. state. It has roughly $8 billion in bills outstanding. Making the tax change requires a constitutional amendment and voter approval.

Source: Wall Street Journal March 24, 2019 13:52 UTC