New Jersey Lawmakers Can't Agree On Which Taxes To Cut
By David Madden
TRENTON, N.J. (CBS) - There are now at least three different plans to cut taxes in New Jersey.
Governor Chris Christie wants to phase in a 10-percent income tax reduction over four years, while Democrats in the legislature are centering on bringing property taxes down.
State Senate President Steve Sweeney is pushing for a 10-percent credit on real estate tax bills up to $10,000 grand, phased in over four years.
"What we're looking at doing is making sure the benefit is going to the people who need the help the most, people making less than $250,000."
Anything above that, and you'd get no relief. The Assembly will consider a 20-percent credit paired with a higher income tax on millionaires.
Christie has opposed, and vetoed, any tax increase on anybody. All sides appear ready to negotiate over the various plans in play since it's not a question of whether to reduce taxes but how.
