TRENTON, N.J. (AP) — Democrats in the New Jersey Senate took their first look at Gov. Chris Christie's plan to cut income taxes by 10 percent, and the details they got from the Legislature's budget expert confirmed their suspicions: The higher a resident's income, the bigger their tax reduction would be.
The biggest winners if Christie's proposal is enacted would be the top 1.6 percent of taxpayers, who earn $500,000 or more, David Rosen, the Legislature's chief budget officer, told the Senate Budget Committee. Treasurer Andrew Eristoff declined to testify at Monday's hearing.
"At a time when we should be doing anything and everything to spur the economy and to create jobs, a tax cut that disproportionately favors the wealthy appears to be the wrong thing to do," Sen. Paul Sarlo, a Bergen County Democrat, said at the start of the hearing.
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