Governor Christie Talks To Jim Gearhart About Tax Cut Plan [AUDIO]
Governor Christie talked to Jim Gearhart about his proposed middle class tax cut plan on Monday's show.
In the document, Christie calls increasing the state's earned income tax credit to 25 percent of the federal level from the current 20 percent, where it's been since Christie reduced it from 25 percent in 2010. But he also calls for implementing a bigger move aimed at the middle class and some higher earners.
Listen to Jim's conversation with the Governor
At the end of a four-year phase-in, households earning up to $400,000 would receive an income tax credit equivalent to 10 percent of their property tax bill. The credits would be refundable and capped at $10,000. Last year, New Jersey homeowners paid had the nation's highest average property tax bill of $7,900.
Qualifying homeowners would get a $100 credit for the second half of 2013, then 4 percent of their property taxes next year, 8 percent in 2015 and 10 percent in 2016 and thereafter.
The governor also calls for gradually increasing the refund for renters -- currently $50 -- to $200 by 2015.