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Dems review NJ governor's 10 percent tax-cut plan

Democrats said lawmakers should be wary of digging the state too big a financial hole, that its obligation to the pension fund will top $2 billion a year by 2016 and $1 billion or so will be needed to fund transportation projects through the Transportation Trust Fund.

By Angela Delli Santi | Updated on January 31, 2012

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.

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