Gov. Chris Christie has repeatedly vetoed bills to increase the income tax paid by New Jersey's millionaires and in his 2015 State of the State Address he promised to do it again if the legislature approved such a tax hike. That was welcome news to the business community, but the top lawmaker in the General Assembly said that it doesn't mean to issue is dead.
As he vowed to do, Gov. Chris Christie signed a balanced $32.5 billion state budget into law Monday, but not before he cut two tax increases Democrats inserted to generate revenue to fully fund their year's public employees' pension fund payment.
With Democrats in the state Assembly and Senate recently unveiling alternative budget proposals, both of which hike taxes on New Jersey's wealthiest residents, Assembly Republicans held a State House press conference Monday to blast those plans.
Assembly Democrats unveiled an alternative budget on Thursday one day after Senate Democrats released theirs. While the two plans differ slightly, there is one common element: they both call for hiking taxes on the wealthy in New Jersey.
Despite needing to plug a nearly $807 million budget gap before June 30, a hike in New Jersey's millionaire's tax is not likely to happen as a method for producing new revenue according to state treasurer Andrew Sidamon-Eristoff.
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