Despite Governor Christ Christie's unwavering promise to veto a millionaires' tax increase bill for the third consecutive year, the Senate Budget Committee approved a Democrat-sponsored bill to do it yesterday.
The Senate and Assembly budget committeesare scheduled to consider the $32 billion State Budget bill today along with legislation to increase the state sales tax on millionaires. Democrats are sponsoring both measures. They have also added some spending to the plan, almost $130 million.
On Wednesday, Dr. David Rosen with the Office of Legislative Services (OLS) estimated that over the next 14 months state revenues will lag $1.3 billion behind Christie's projections. Governor Chris Christie expects the budget gap to be about $676 million.
With time running out to give Jersey residents a tax break, Governor Christie has blasted democratic leaders for resisting his proposal for a 10 percent income tax cut, despite less than favorable revenue projections from the Office of Legislative Services.
Governor Chris Christie, the State Senate Democrats and the Assembly Democrats all have competing tax cut proposals, but if the state doesn't have enough money to support any of them they could all be dead.
Despite weaker than projected state revenues that may force Governor Chris Christie to go back to the drawing board for a state budget this fiscal year, he took himself out of the equation and instead attacked two top Democratic leaders in the state legislature.
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