"New Jersey Governor Forges Ahead With Tax Cut Plan Despite Ever-Growing Deficit"
In California, Gov. Jerry Brown (D) and the state’s Democratically controlled legislature are anticipating a budget surplus for 2014 after finally receiving voter approval for a series of tax increases. But on the other side of the country, New Jersey Gov. Chris Christie (R) wants to forge ahead with his plan to cut the Garden State’s income tax, despite a large and seemingly ever-growing deficit, as NJ101.5 reported:
For the better part of 2012, Governor Chris Christie demanded that Democrats approve a tax cut and he criticized them at every turn for dragging their feet. Democratic leaders consistently said they wanted to wait until they were sure that revenues matched Christie’s projections. Revenues have not matched estimates, but despite that and the fact that the costs of recovering from super-storm Sandy will be astronomical, the Governor isn’t ready to give up.
Asked if his demands for a tax cut will continue in 2013, Christie said, “I think they have to because we have to get more competitive. You look at the region and we have the highest tax rates in the region.”
The Governor said you can expect to become an economic job creator when you have the highest rate of taxes in the region.
“Yeah, I’m still going to continue to call for cuts in taxes,” pledged Christie. “I think that in the end, I’m hopeful that the Democrats, if not now certainly after this election, will see the wisdom for that.”
For months, Christie has been asserting that revenue in the state would come in higher than projected. He even blasted one revenue analyst — who turned out to be nearly spot-on — as the “Dr. Kevorkian of the numbers.” Now, Christie is hoping for a burst in revenue that has not been seen in New Jersey for nearly a decade in order to balance the state’s books.
The tax cut plan that Christie unveiled in 2012 would have given 40 percent of its benefit to the richest 1 percent of New Jerseyans, while cutting taxes for middle-class families by just $80.