Republican Governor Chris Christie has proposed a 10 percent tax cut for all New Jersey tax payers, but has not detailed how he will pay for the cut.
New Jersey, like many other states, is facing budget shortfalls and unlike Christie many state Governors have proposed tax hikes on resident making $1 million or more. Christie wants to lower taxes but hasn’t explained to the mostly Democratic legislature how they would pay for the estimated $1.1 billion in lost revenue. More budget cuts are one way to pay for the revenue gap.
The tax cut would be phased in over a three year period. Christie believes the tax cut will help generate more jobs for New Jersey residents.
Democrats in the state assert that the tax cut would be more beneficial to wealthy residents. Budget cuts would most adversely affect schools which are struggling nationwide.
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