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 Budget Committee has passed the millionaires’ tax increase bill without debate and along party lines. Every Democrat on the panel voted in favor of the measure. Every Republican voted against it. Governor Chris Christie vows to veto the bill for the third consecutive year.
Tomorrow, the New Jersey Senate and Assembly are scheduled to consider bill to increase the income tax on the state’s roughly 16,000 millionaires. Democrats say the $800 million generated through the increase would help fund property tax relief for the middle class. A new study by the Tax Foundation suggests taxing the rich is not a good idea.
It plays exceptionally well on the national stage when Republican Governor Christie regales crowds with stories of how he gets things done for the State of New Jersey by working with Democrats.
The clock is ticking, only 23 days left for the legislature to get a balanced state budget passed and come to an agreement on one of three competing tax cut plans.
