Gov. Chris Christie?s proposal to cut income taxes by 10 percent would provide only modest financial relief to middle-class families who are struggling more under the weight of their property taxes, according to analysis by the nonpartisan Office of Legislative Services.
The governor?s plan would largely benefit the state?s wealthier residents, who pay a significantly higher rate under the state?s current progressive tax system, and so they would see greater savings, the analysis shows.
Senate Democrats said the analysis provided evidence that Christie?s proposed tax cuts across the board would favor the rich and shortchange the middle class, and they indicated they had a counterproposal that would offer relief from income and property taxes.
?We all want to cut taxes, but we want to cut the right taxes in ways that help those most in need and that provides the most benefit to the economy,? said Senator Paul Sarlo (D-Bergen), chairman of the Senate Budget and Appropriations Committee, which conducted the first of many expected hearings Monday on the tax cut proposal.
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Excerpt. ?Original Published: Tuesday, January 31, 2012, 8:15 AM ? www.NJ.com
Posted by Ocean Dems on February 4, 2012
http://www.oceancountydems.org/2012/02/christie-proposed-n-j-income-tax-cut-that-would-largely-benefit-the-wealthy/
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