Congressman Tom Reed, R-N.Y., is concerned about the tens of millions of people who are expected to lose their health insurance under the American Health Care Act, which he voted for.

The Congressional Budget Office report said 23 million people are set to lose coverage, compared to the previous estimate of 24 million. Reed's comments were made before Wednesday's updated CBO report.

"If you look at the status quo and the collapsing Obamacare exchanges and the premium [increases by] 30%, 40% or 50%, we have to do something on health care," Reed said in an interview with TheStreet. "I care deeply about these individuals, and what we're trying to do is improve the situation, not hurt it."

Meanwhile, when it comes to tax reform, Reed thinks a consumption-based tax, like the border adjustment tax, is a step toward making sure the U.S. tax code is more competitive globally. 

A border adjustment tax would tax imported goods, something that would dramatically raise costs for major retailers like Target (TGT) , Walmart (WMT) , VF Corp (VFC) and J.C. Penney (JCP) .

He said the border tax could bring in $1.2 trillion in revenue. "If we're going to remove [the border adjustment tax] from the proposal, I'm very interested in what people are proposing in order to replace it," he said.

Reed invites the retail sector to enter the debate with a solution. "What I would love to have is tax reform that's going to put America first," he said, stressing the importance of making goods in the U.S. 

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Editors' pick: Originally published May 24.

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