Page-3 | Full text of Gov. Christie’s Fiscal Year 2013 Budget Address | Economy | NewJerseyNewsroom.com -- Your State. Your News.

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Full text of Gov. Christie’s Fiscal Year 2013 Budget Address

So in this budget, I have included the proposal I outlined for you a few weeks ago in the State of the State address. I propose to reduce personal income tax rates, across-the-board, for every New Jerseyan, by 10 percent, and I propose to begin the three-year phase-in of the cut with this budget.

A 10 percent tax cut for every working New Jerseyan will help families to keep more of what they earn. It will make us more competitive with other states and attract more new jobs to New Jersey. Every New Jerseyan deserves a tax cut.

Lower tax rates will relieve over- burdened middle class families. They will keep job creators here. They will begin to bring us into a more competitive situation with our neighbors in the region. For make no mistake, even with the 10% cut that I propose, our tax rates in many brackets will still be higher than New York’s, higher than Connecticut’s, higher than Pennsylvania’s. Even though a few of these states are making the mistake of trying to catch up by raising tax rates, we need to reverse our competitive disadvantage. In the mid-Atlantic region, New Jersey needs to be the best home for growth.

Some hard working, low-income New Jerseyans pay no income tax at all. In this budget I am proposing relief for them, too. In 2010, our disastrous budget situation forced us to trim the Earned Income Tax Credit. With this budget, I propose to increase it, from 20 percent to 25 percent over the next two years. With my proposed increase, New Jersey will have one of the most generous state tax programs for the working poor in the nation – with an average annual benefit of 550 dollars.

So this package provides relief for every New Jerseyan, up and down the income scale. It recognizes that New Jersey’s tax situation had gotten out of control and begins to bring it back under our control. It recognizes that every New Jerseyan has shared in the sacrifice that was necessary to begin the New Jersey Comeback and that every New Jerseyan should share in the benefit we’re beginning to feel.

Some in this chamber may want to return to the days of outrageous state spending growth. To gimmicky programs that take more money out of the taxpayers right pocket, and have Trenton keep most of it. Then returns far less in your left pocket and then takes a bow and calls it tax relief.

New Jersey has seen 30 years of this as Trenton’s solution to fix property taxes. It never has fixed the problem and it never will fix the problem. New Jerseyans will not fall for the same old Trenton politicians’ trick again.

We know that the only way to ensure that Trenton politicians will not waste your money is to not send it to them in the first place. Adopt my 10 percent tax cut plan this year – put our citizens’ pocketbooks ahead of the never ending hunger of Trenton politicians for more of our money now.

Personal income taxes, of course, are not the only excessive burden that has been foisted upon our citizens by government in the past few decades. Property taxes have been just as bad. They grew by 70 percent in the decade before I was elected, in some cases driving people out of their homes and out of the state.

The property tax cap we enacted is beginning to work. We are finally starting to win the battle. We are bringing property taxes under control.

To help those senior citizens and middle income families hardest hit by property taxes, the state has long had a property tax rebate program.



 

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