Neither the governor nor Democrats are backing off pledges to offer modest tax relief in the year ahead despite news that the state’s economy isn’t rebounding as fast as had been projected.
Gov. Chris Christie says he’s committed to a proposal to cut income taxes by 10 percent over four years.
Democrats want to target the cut break to property taxpayers who earn less than $400,000 a year.
The state treasurer and Legislature’s budget officer both warn of slower-than-anticipated growth for the next 14 months.
But Christie and the Democrats say there will be enough money coming in to enact tax relief.
The Assembly plan is partially funded by a millionaires’ tax. Lawmakers face a July 1 deadline to enact a new budget, with or without a tax cut included.