Rep. Roskam: ‘We Want To Make the U.S. the Most Competitive Tax Jurisdiction in the World’

RUSH TRANSCRIPT:

BARTIROMO: "So do you think the local state and city lawmakers are going to reevaluate what they’re doing? This morning we’ve got this quote. We’re going to have to re evaluate everything if a federal bill repealing the state and local tax deduction becomes law from New Jersey Senate president, mayor De Blasio wants his millionaire’s tax, California has high taxes already the state of California and they’re saying we’re re evaluating everything because I’m just saying that what’s happening in Washington is concerning the hell out of me, Mr. Sweeney said, do you expect we’re going to see an exodus out of these high tax states and pressure the governors and the local politicians to lower taxes or pull in spending?" 
ROSKAM: "That’s up to them. I’m in a state that’s a fiscal basket case right now. My home state jammed through a massive tax hike on middle class folks, both up and down the whole spectrum last summer and it hasn’t ended well because they haven’t dealt with the underlying spending problems. Look, when you take on something as big as the federal tax code, you’re not just, for example, if healthcare deals with 1/6 of the economy, which it does, tax policy deals with the entire economy and if you’re dealing with the entire U.S. economy, you’re having an impact on a global basis. So I think what we’ve got to do is look at a bigger, look at ultimately what we’re trying to do. We want to make the U.S. the most competitive tax jurisdiction in the world and I think that happens. One quick point. The best way to track local revenues and state revenues and you want to see them grow? Grow the economy. Continue to have underperforming growth and they’re going to have underperforming revenue."