NJ Dems Want Long-Term Fix For Christie’s Tax Revenue Shortfall
By David Madden
TRENTON, N.J. (CBS) – Governor Chris Christie is expected to announce his plan to address an over $800-million revenue shortfall in New Jersey in the coming week. The state’s top democrat believes it’s time to address the recurring revenue problem.
Should Christie, as expected, trim spending as he’s done in past years, there’s little State Senate President Steve Sweeney can do to stop it.
But Sweeney’s working on next year’s budget and that’s where he says he hopes to make his mark:
“We’ve come up with plans and he vetoes them all. He hasn’t come up with one of his own. So we’re gonna have a very serious discussion about the economy.”
Most of those plans presented by Democrats involve increasing taxes on those making more than a million dollars a year.
Sweeney believes it’s time to revisit that issue, given his insistence that everyone else is paying more in taxes, even after businesses received tax breaks of more than a half a billion dollars.
“We’ve given the business community $540-million dollars in tax cuts,” says Sweeney. “The millionaires are the only people that are paying less in income taxes in this state.”
Christie’s proposed budget for next year does include hikes in several fees charged by the state. And many continue to believe the administration’s revenue estimates have been more than a little optimistic.