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Tax burden in Illinois continues to grow: report

Kevin HoffmanReboot Illinois

Sep 19, 2016

Out of all 50 states, Illinois has the third-highest per-taxpayer debt, behind New Jersey’s $59,400 and Connecticut’s $49,000, earning it the moniker of one of the nation’s Top 5 “sinkhole states,” according to a new report.

Truth in Accounting’s annual “Financial State of the States” shows Illinois ended fiscal year 2015 with a total of $212.8 billion in unpaid bills, including $116.8 billion in unfunded pension benefits and $44.3 billion in retiree health care costs.

Previously referred to as “hidden debt,” all unfunded pension liabilities now must be disclosed on states’ balance sheets as part of a new Governmental…

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