STATE – Leading Democrats questioned Gov. Chris Christie’s proposal to cut income taxes ten percent for all New Jersey residents over a three-year period.
“A ten percent across-the-board income tax cut might make a nice sound bite, but ultimately it benefits the wealthiest far more than low and middle income earners,” said Assembly Speaker Sheila Y. Oliver (D-Essex.) “Essentially, what was proposed today was an $80 tax cut for families earning $50,000 and a $7,200 tax cut for families earning $1 million. And in order to achieve this, roughly $1 billion in revenue will have to be diverted from somewhere else.”
“Throwing the prospect of an income tax cut out there, without identifying a funding source, just seems to me to be irresponsible governing,” said Senate Majority Leader Loretta Weinberg (D-Bergen.) “And when the Legislature uncovers the funding source that the Governor has in mind – presumably school funding and property tax relief – we’ll be painted as obstructionists, simply because we don’t believe you can take with one hand, give with the other, and call it ‘relief.’”
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