Lance Statement on Tax Reform Outline
WASHINGTON, D.C. --- Congressman Leonard Lance (NJ-07) released the following statement after the Republican tax reform retreat and the announcement of a tax reform framework:
“There is a lot I agree with in the tax reform outline announced today. Lower individual rates on middle-class families and a competitive corporate rate will unleash tremendous economic growth and job creation. These reforms will have a positive effect on take-home pay in every state and should enjoy large bipartisan support. I hope these items are included in the final package.
“When our leadership opened the floor for comments I was the first to make the case to my colleagues for maintaining the state and local tax deduction that is so critically important for New Jersey. New Jersey taxpayers support federal initiatives more than any other state. The elimination of this deduction would further increase the disparity in New Jersey’s support for the federal government versus the return in federal tax funds.
“I will continue to speak out on this issue and work hard to include the state and local tax deduction among those itemized deductions that need to be preserved. There are many hearings and debate still to come.”