Top N.J. economic adviser calls for tax cuts
Wednesday November 20, 2013, 3:51 PM
BY ANGELA DELLI SANTI AND GEOFF MULVIHILL
Associated Press
TRENTON — Lawmakers and economists dove back into the long-running debate Wednesday of whether the state can afford the broad tax cut that is one of Gov. Chris Christie’s top priorities for a second term.
One of Christie’s chief economic advisers told a gathering of economists in Trenton that the state can afford it. Meanwhile, lawmakers at a conference in Atlantic City debated the point.
Christie, a Republican who is seen as a possible presidential contender in 2016, proposed a tax cut last year. Lawmakers ultimately killed the proposal last year, saying the state budget could not handle a cut; and indeed, the state’s surplus for the budget year that ended June 30 was smaller than anticipated. Christie rejected the Legislature’s plan to link tax cuts for some to a higher income tax rate for high earners.
But on Wednesday, New Jersey Council of Economic Advisers chairman Robert Grady told economists and others at the state government-organized economic growth summit that the state can afford it now. He said revenue was up about 7 percent last year and is expected to rise about 5 percent this year.
“The economy is stabilized enough,” Grady said. “It will assist in both job creation, job retention and business attraction.”
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Amen. We need tax relief. Obama’s economy is killing those of us who don’t work in high-level Wall Street jobs.