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Senate Democrats Pitch Tax Relief Plan at Teaneck Town Hall

Dems call Gov. Chris Christie’s income tax plan a “scheme.”

A plan pitched by Senate Democrats would reduce the property tax burden on New Jersey residents who make less than $250,000 by 10 percent, party leaders said at a town hall meeting in Teaneck.

Gov. Chris Christie has proposed an income tax cut, however, Senate President Steve Sweeney and Majority Leader Loretta Weinberg say a property tax break is what will truly benefit residents.

"When I campaigned and I was knocking on doors not one person has ever said to me, 'my income taxes are killing me.' What they are telling me is, 'I can't live here anymore,' Sweeney told a group gathered at the Thursday night.

According to a news release from Senate Democrats, a family earning the state's median income of $69,811 with the state average property tax rate of $7,758.20 would save $775.82 under their plan.

Democrats maintain Christie’s plan would be a boon to New Jersey’s richest residents.

“Under the governor's proposed income tax scheme, they [middle class families] would save just $97.78; meanwhile a millionaire would get a $7,265.75 tax break and those earning $3 million would save $25,200 a year,” the release said.

The Senate plan is an alternative to Christie’s plan and an Assembly plan the governor is expected to veto, NJ.com reported. That plan includes a so-called millionaires tax. Some who attended the town hall urged the party leaders to include the millionaires tax, however, Sweeney said it would only lead to a veto.

The various tax cut plans could face a setback as state revenue fails to meet targets, Bloomberg and NJ.com reported.

Editor's Note: Attached video clips were released by NJ Senate Democrats 

 

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Keith Jensen May 12, 2012 at 04:08 PM
Peanuts of a tax break. That is what this proposal is. Peanuts! More than 60% of your property tax dollars are for school taxes, although only 20% of it remains in your District. The rest is sent to the 31 schools comprising the Abbott Districts. One of these towns is Hoboken, because these Senators feel Hoboken is in more need of your tax dollars than you are for your children in Teaneck. If you want a true tax cut press these Senators to address the erred school funding formula. If they do this, and we fund the children evenly relative to their financial needs, your property tax dollars would be cut by 1/3rd. Yes, most of your property taxes goes towards school taxes, just not for your schools. These Senators are not address the 800lb gorrilla, which is school taxes. That is why this tax proposal is peanuts of a tax break.
Keith Jensen May 12, 2012 at 07:32 PM
www.schoolfundingexposed.wordpress.com Is the best means of reference.
david gruber May 13, 2012 at 01:23 AM
Cut taxes, less income and then what? Reduced services. The fundamental opportunity is to reduce spending by rationalizing union contracts in-line with the private sector -- more steps, a smaller increase between steps, increase healthcare benefit contributions (again), reduce pensions and alter the grievance procedures to eliminate under-performing employees. Also, measure performance. Also, consolidation of police, fire and other services that are subject to the leverage of overhead spending. The latter will never happen given our political system based on contributions and "getting out the vote".

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