South Cook News

Republican state House candidate Eric Wallace senses a dark future for Illinois should Gov. J.B. Pritzker’s progressive tax proposal ever see the light of day.

“The Pritzker tax increase would plummet the state into an abyss of financial debt that will take decades to climb out of,” Wallace told the South Cook News. “Businesses will continue to flee the state and thus unemployment will surge, regardless of what happens at the federal level.”

A new report by the Tax Foundation details how the state’s competitive position would dramatically fall if the progressive tax proposal Gov. J.B. Pritzker has been pushing since his days as a candidate becomes law. If the measure passes, researchers report Illinois’ overall ranking would tumble all the way down to 47th in the U.S. for business competitiveness, ahead of only New Jersey and California.

Wallace, who is running against Democrat Patrick Joyce in the 40th District, argues it all points to just one undeniable reality. 

“Democrats don't really understand economics,” he said. “All they know is tax and spend. They don't understand that sometimes you must cut taxes in order to increase your revenue. Lower taxes will attract more companies and create jobs thus increasing the tax revenue. But for some reason, Pritzker and (House Speaker Mike) Madigan believe they are entitled to your money to misspend it as they please.”

Wallace argues there’s an easier and much fairer way of doing things in taking some of the burden off already hard hit residents.

“Cut the spending and the tax burden on individuals and corporations,” he said. “Encourage growth and opportunity with fewer regulatory hurdles like the ones that will close down our nuclear plants. We are trading good paying union jobs for solar panels – and for what? We are chasing industry out of Illinois instead of making the state inviting for industry and small businesses.”