(The Center Square) – Gov. J.B. Pritzker says Illinois is open to foreign investment, but the Illinois House Republican leader says the governor must lower taxes to grow the economy.
The governor and other officials addressed the Chicago Consular Corps General Assembly of consulates, consulates general and honorary consulates on Monday.
Illinois Economic Development Corporation President and CEO Christy George, a former deputy governor under Pritzker, said Illinois is a hub for international business.
“We are home to more than 2,000 foreign-owned companies, representing countries from all over the world and generating over $100 billion in foreign investment annually,” George said.
Pritzker expressed hope for greater collaboration with the consuls’ respective countries.
“We are open for business in the city of Chicago, in the state of Illinois. We want to talk to you and make it easier for your companies and the people that you represent to be part of what we do and, of course, vice versa,” Pritzker said.
Illinois House Republican Leader Tony McCombie, R-Savanna, said the governor needs to lower taxes.
“He needs to focus on, really, how are we going to grow our state? And the only way to do that is to lower our overall tax burden,” McCombie told The Center Square.
The Savanna Republican said Pritzker cannot tax his way to prosperity.
“We’ve got a 9.5% corporate income tax that needs to be lowered. We luckily have a flat tax that he’s continuing to threaten (with) the graduated income tax again,” McCombie said.
McCombie told The Center Square that the governor’s budget proposal for fiscal year 2027 includes $85 million in a fund for pork projects.
A recent report prepared by Moody’s Analytics for the Illinois Commission on Government Forecasting and Accountability said the state’s economy will underperform the Midwest and the rest of the United States, in part due to a shrinking tax base.
