Key Words: New Jersey Republican: Watch for GOP ‘no’ votes in House on tax-overhaul bill
Republican House member Leonard Lance explained Saturday on MSNBC that he remains a “no” vote on the Republican bill overhauling the tax code, even though there are certain elements of the bill that he likes. The big issue is the bill’s significant curtailment of the deductibility from federal taxes of state and local taxes, including property taxes, effectively driving a wedge between states where those taxes are traditionally higher and ones where they are lower.
‘I don’t want winner states and loser states.’
Instead, he said, if the U.S. tax code is being reworked to this degree, “we should make sure that all Americans benefit.”
Lance said deductibility of state and local taxes has been in the tax code since 1913, “since the advent of the modern tax code,” and should have remained intact as a matter not only of fairness — “I don’t think you should have to pay taxes on taxes” — but federalism.
He said as recently as this week, he and New Jersey Democratic Rep. Josh Gottheimer were arguing before the House and Senate conferees crafting the final bill that full “SALT” deductibility should be retained. “[T]hat did not eventuate.” (The deduction for state and local taxes is set to be capped at $10,000.)
Asked by anchor Alex Witt whether it was a public-relations nightmare for Republicans that only 30% of the population is said to support the tax bill, according to a Marist College poll, Lance said, “I believe each of us will be judged next November.”
He said 11 of 12 members of the New Jersey delegation, Democrats and Republicans alike, would be likely to vote against the bill. He also predicted that Republicans from other high-”SALT” states — which, in addition to New Jersey, include New York, Connecticut, Illinois and California — would join him in voting against the bill and across party lines.
via MarketWatch.com – Top Stories http://on.mktw.net/2w6i9Ah
December 16, 2017 at 04:10PMNo tags for this post.