TRENTON – The Assembly Budget Committee today approved a $31.7 billion Democrat-backed budget for Fiscal Year 2013.
In most respects, the Democrats’ budget mirrors the one proposed by Gov. Chris Christie. The key differences are centered around one issue: how to cut taxes. Christie had called for an across-the-board income tax cut, while Democrats are proposing an alternative tax credit based on residents’ property tax bills. However, the Democrat budget will not implement any tax relief unless New Jersey’s tax revenue collections match the ambitious targets set by Christie.
“We all support tax cuts, but tax cuts must be focused on property tax relief and they must be ones we can afford,” said Assembly Budget Chairman Vincent Prieto (D-Hudson/Bergen). “Irresponsible Republican tax cuts have helped create the economic morass we face in this state and nation, and we are not going to make their same mistake. Through this budget plan, we are going to live within our means and provide vital programs for middle-class New Jersey. We are going to be responsible. We are going to focus on property tax relief. And we are going to ensure tax relief is done properly. New Jersey taxpayers deserve nothing less.”
Assembly Republican Leader Jon Bramnick fired back, “The Democrats’ plan to increase taxes is a throwback to the Corzine era. New Jersey is finally on the road to an economic comeback, but the Democrats’ plan would put a speed bump in our path. After 8 years of enduring the Democrats’ 115 tax increases, our residents need relief. It is time for the Democrats to reject the Corzine philosophy that a tax hike will somehow benefit our economy.”
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