State budgets

Illinois residents could enjoy lower taxes if their squabbling leaders tackle the debt-riddled state’s biggest problem — its massively underfunded pension system. But that’s a big if.

Governor Phil Murphy’s progressive agenda, outlined in his first New Jersey budget, depends on approval of $1.5 billion in new riches from Democratic lawmakers reluctant to increase residents’ financial burden in one of the highest-taxed U.S. states.

New Jersey Governor Phil Murphy proposed taxing online-room booking, ride-sharing, marijuana, e-cigarettes and internet transactions along with raising taxes on millionaires and retail sales to fund a record $37.4 billion budget that would boost spending on schools, pensions and mass transit.