What The Christie Tax Cut Plans Means To NJ

Gov. Chris Christie's proposal to cut income taxes by 10 percent across-the-board garnered national attention at a time when other states are raising income taxes to pay for their still-bleeding budgets.

But what the tax cut proposed Tuesday means for the majority of residents may not be as significant as what it means for state coffers.

• Governor Christie talks taxes and Mitt Romney on NBC's Meet The Press today.

The median household income for a state resident was $70,378 in 2008. Under Christie's tax cut plan, that person saves about $180 a year. However, Christie wants to phase in the program over three years, meaning that same worker would only save $60 a year in the first few years.

The Republican governor says the cuts will spur economic growth, but experts aren't so sure that will happen anytime soon.

Meanwhile, the plan comes as the state faces a $325 million shortfall in revenue so far this year -- roughly the same cost of the cuts for the first year.

(Copyright 2012 by The Associated Press. All Rights Reserved.)