Democrats Review Christie’s Tax-Cut Plan
Senate Democrats have received their first look at Gov. Chris Christie’s plan to cut income taxes by 10 percent.
And those details confirmed their suspicions: the higher a resident’s income, the bigger their proposed tax break.
David Rosen, the Legislature’s chief budget officer, told the Senate Budget Committee on Monday that if Christie’s proposal is enacted, the biggest winners will be the top 1.6 percent of taxpayers, who earn $500,000 or more.
For those residents, a 10 percent income tax reduction could amount to tens of thousands of dollars. A similar cut for low-income wage earners doesn’t equal enough for a week of groceries.
Sen. Paul Sarlo, a Democrat who chairs the Budget panel, says a fairer proposal is to cut property taxes, which are the highest in the country.
(Copyright 2012 by The Associated Press. All Rights Reserved.)