Lawmakers divided on possibility of N.J. tax cut
As they await Gov. Chris Christie’s budget address next month, New Jersey lawmakers are divided about whether the state can afford to cut taxes.
Senate Budget Committee chairman Paul Sarlo said every member of the Legislature wants to see a tax cut.
“Revenues will dictate whether or not a tax cut is feasible,” he said. “At the six-month projection, the revenues are still not strong enough at this point in time to support a tax cut.”
One member of the Budget Committee, however, believes a tax cut is possible.
“Whenever you can afford a tax cut, which I think we can, I think it’s really a stimulus for the economy,” said Sen. Kevin O’Toole, R-Essex. “I think that spurs on other activity whether it’s construction or other jobs as well.”
Lawmakers agree on one thing. They say the $2.3 billion that will be included in the new budget to fund the state pension system will have a big impact on the amount of money that’s available for other programs.
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