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Illinois governor announces veto of $5 bln tax hike

CHICAGO, July 4 (Reuters) - Illinois Governor Bruce Rauner announced on Tuesday his veto of a $5 billion income tax rate hike that was the lynchpin of a newly passed bipartisan budget package designed to end the states record-setting fiscal impasse, he announced via social media.

I just vetoed Speaker Madigans 32 percent permanent income tax increase, the Republican governor announced in posts to his Facebook and Twitter accounts, referring to Democratic House Speaker Michael Madigan, the packages main legislative architect. The posts did not disclose whether he had taken similar action on spending and borrowing measures that made up the entire package. (Reporting by Dave McKinney; Editing by Lisa Shumaker)