Christie Defends Income Tax Cut Proposal
Wednesday, January 18, 2012
New Jersey Governor Chris Christie said it’s time to “double-down” on the state’s economic comeback — and he believes the way to do that is by enacting the ten-percent, across-the-board cut in the state’s income tax he proposed during his State of the State address this week.
Some dismissed the proposal as a sound bite, pointing out that the cut would save a lot more money for someone making a million dollars than it would for a middle class earner making $50,000.
But Christie continued defending his proposal this week, and provided details during an interview with WNYC's Amy Eddings on Thursday.
"The fact is, what we're doing here is giving everybody the same percentage tax cut across the board," he said. "Of course folks who are paying more in a progressive system, when you cut those taxes, are going to get more, that's the definition of a progressive system."
Democrats also said the proposal would cut state revenues by a billion dollars, and would end up coming out of state aid to schools and localities. They pointed to a 30 percent tax cut they agreed on with Governor Christie Whitman in the 1990s that led to property tax hikes.
Christie was quick to point out the differences in his proposal.
“Our ten percent – ten percent tax cut, as opposed to a 30 percent tax cut, is also phased in over three years,” Christie said. "We're doing it very responsibly."
Christie said he will lay out all the details on February 21 in his budget proposal.
To listen to the full interview, click on the audio link at the top of this page.