New Jersey residents may be looking at a more modest tax cut than state lawmakers first proposed.
The chairman of the Assembly’s Budget Committee says “living within our means” could mean scaling back rival tax cut plans proposed by the governor and legislative Democrats.
Vincent Prieto of Hudson County says the Assembly’s 20 percent tax relief proposal might be too generous because of the state budget shortfall. The plan is partially funded by a millionaires’ tax.
Gov. Chris Christie has proposed a 10 percent income tax break. Senate President Steve Sweeney wants to base his 10 percent cut on earned income up to $250,000 and property taxes up to $10,000.
Prieto says Christie’s plan is weighted to benefit the rich. Christie has vowed to veto a millionaires’ tax.