So what will the income tax rate be when the next governor takes office? The rate will fall from 5 percent to 3.75 percent at the beginning of the year, and Gov.-elect Bruce Rauner says his budget will be based on that figure, though he’s not completely closing the door on finding ways to drum up more revenue for the state.
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“Nothing will be off the table,” Rauner said, “but 3.75 is the law. I’m going to implement the law, we’ve got to plan for that, and the critical thing is, over time, we get the income tax burden reasonable.” Rauner says he’s not setting up for a push to raise taxes by his comments on the state’s budget situation. He promises his budget will be “honest”, something he says hasn’t happened under other governors.