Chris Christie Strongly Hints At Tax Cut Deal
The deadline for a signed and balanced state budget in New Jersey is midnight June 30th. Suspense regarding competing tax cut plans to be factored into the budget may be lifting as today, Governor Chris Christie all but confirmed to a group of seniors at an AARP conference that he supports the tax cut plan being put forth by State Senate President Steve Sweeney.
“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. “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 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.
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 which Christie has already vetoed twice and vows to veto again.