×

Tax reform bill picks "winner states over loser states" : NJ Rep. Leonard Lance

  • New Jersey House Representative Leonard Lance thinks elimination of state and local tax deductions would disproportionately harm some states.
  • He also takes issue with the $1.7 trillion price tag.
Rep. Leonard Lance, D-N.J.
Tom Williams | CQ Roll Call | Getty Images
Rep. Leonard Lance, D-N.J.

New Jersey House Representative Leonard Lance spoke out against Trump's "Tax Cuts and Jobs Bill," claiming the removal of state and local tax deductions would create inequities among states.

"I think tax reform should benefit all Americans and not pick winner states over loser states," Lance said on CNBC's "Fast Money."

The congressman is supportive of tax reform. And after Tuesday's gubernatorial election, in which Democrats took key states, Lance recognizes the strength of the Republican party may depend on delivering on the promises Trump's administration made. In the bill's current state, Lance cannot support it.

"We need to have further discussion and further compromise, and I point out that states, like New Jersey, subsidize the nation in so many ways," he said.

New Jersey is pays among the highest state and local taxes in the country, due to its large concentration of wealthy residents. Abolishing state and local tax deductions would disproportionately harm residents of states like New Jersey.

"I really don't favor paying taxes-on-taxes," Lance said.

Lance also took issue with the $1.7 trillion price tag, and would like more analysis of the policy's long-term impact. Emphasizing that tax reform overall is positive, Lance seemed optimistic about the Senate's draft, anticipated for release Thursday.

WATCH: CBO says House GOP tax bill adds $1.7 trillion to deficit over 10 years