Chris Christie: It Is Time For A Tax Cut [VIDEO/AUDIO]
Yesterday, Governor Chris Christie announced that New Jersey grew 17,600 jobs in May, 25% of all the jobs created in America.
He says the job figures provide proof that the 'New Jersey Comeback' he boasts about at his many town hall meetings is real and even more evidence that the Garden State can afford a tax cut now.
Christie accuses Democrats of, "Dithering right now about whether to cut taxes for the people of New Jersey. It's simply wrong…….the fact is; they don't want to cut taxes because they only know how to raise taxes."
The Governor says if Democrats admit the 'New Jersey Comeback' is real they would also have to concede that their policies were wrong and his were right. He says, "This is a very difficult pill for Democrats to swallow, but it's time for them to begin swallowing. The fact is; it is time for a tax cut in this state. It is long overdue for a tax cut in this state……..We choose to demand tax relief instead of tax increases and gimmicks and games meant for political purposes."
Democrats are evidently hitting the pause button any tax cut. Assembly Democratic Leader Lou Greenwald says his fellow Party members in the Assembly and State Senate want to put $183 million in a property tax relief fund to help pay for a still-to-be-determined tax cut at a still-to-be-determined date only if State revenue collections match Christie's projections.
Clearly Democrats are also hoping the third time is the charm because Greenwald says a tax hike bill Christie has vetoed twice already and vows to veto again is back in the mix.
He explains, "We are passing a millionaires tax (increase). Every penny will be fully dedicated to property tax relief under the (existing) property tax credit program…The Senate has agreed to do a millionaires tax with full dedication to the property tax relief program."
Greenwald says Christie's proposal for a 10-percent income tax cut for everyone clearly favors the rich. He insists the Governor's trickle-down theory is like a movie we've all seen before and the ending is never happy. Reminded that passing a millionaires tax increase is another movie we've all seen twice that always has the same ending with the Governor's veto pen, Greenwald says, "If the Governor wants tax cuts it's (the millionaires tax increase) the quickest and most reliable way to get the tax cuts to the people."
Senate Budget Committee chairman Paul Sarlo wasn't as forthcoming as Greenwald after Democrats in the Upper House held their closed door meeting on their budget plans, but he did say, "Everybody would like to see taxes cut, but at this point we're looking closely at the revenues to ensure that the revenues will support a tax cut. At the end of the day, I think the people of New Jersey will respect the Legislature that we're being fiscally responsible."
"We want to cut your taxes this year and we want you to get a 10% credit on your income tax towards your property taxes," said Christie last week. "That's what the Senate President's plan is. I've wanted to cut taxes across the board for the income tax. There's an area for us to compromise there I suspect and you know the senate President and I have compromised on a lot of things over the last two and a half years."
Christie originally proposed to reduce personal income tax rates, across-the-board, for every New Jerseyan, by 10% with the three-year phase-in of the cut with this budget. He says 10% tax cut for every working New Jerseyan will help families to keep more of what they earn and make the state more competitive with other states and attract more new jobs to New Jersey.
The Senate Democrats proposal spearheaded by Senate President Steve Sweeney would provide a property tax relief credit through the gross income tax return, for all residential homeowners with incomes up to $250,000 in the amount of 10% of the first $10,000 in property taxes paid. Recently Sweeney and Christie appeared ready to announce an agreement with a $400,000 threshold. A press conference was scrapped after sources said several Senate Democrats were not sold on the compromise.
The Assembly Democrats property tax cut plan works the same way as the Senate's proposal, but would provide a 20% savings and be partially funded by a millionaires tax increase. Seniors would receive a 25% property tax cut under the proposal.
Courtesy Governor's Office