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Republicans Block New Jersey Tax Increase For The Rich

June 25, 2010 by  

Republicans block New Jersey tax increase for the rich The New Jersey Assembly failed on Monday to override Republican Governor Chris Christie’s veto of a bill that would have levied an additional tax on residents that make more than $1 million annually.

State Republicans indicated that they voted against the one-year, 2 percent tax hike on the Garden State’s top 16,000 earners because the estimated $600 million in revenue would not go toward closing New Jersey’s historic budget shortfall, MyFoxNY.com reports. Instead, the money would be used to restore tax rebates for senior citizens and the disabled.

The measure to override the governor’s veto was supported by all 47 Democrats and voted against by all 33 Republicans. Christie’s spokesman Michael Drewniak told the news source that the governor vetoed the tax increase last month because he felt it would discourage hiring.

Republican Assemblyman Jon Bramnick called the proposed measure another example of Democrats’ general affinity for taxation, according to KYW1060.com.

"You can rename it. You can decorate it. You can change the words but the bottom line is this caucus and this governor is going to stand up for the taxpayers of this state and there’s going to be no more taxes," he said.

If the veto had been overridden, residents who made more than $1 million would have been forced to pay a 10.75 percent income tax next year.
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