Tax relief to make NJ competitive could sink the state into a $1 billion hole as revenue loss grows year after year dare we say time to cut spending ?
New Jersey will be on a course to lose at least $1 billion annually in the coming years if lawmakers give Governor Christie a new state budget that includes either his call for tax relief or theirs.
The competing tax-relief plans that the Republican Christie and Democrats who control the Legislature are pushing now come with a seemingly modest, $183 million price tag on a $32 billion spending plan.
But both the direct income tax cut Christie wants and the new income tax credit for middle-class homeowners that Democrats have countered with call for multiple-year phase-ins, meaning after a few years actual costs will range from more than $1 billion annually to more than $2 billion based on the current proposals. (Reitmeyer, The Record)