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Governor Christie trims pension, spending, taxes for New Jersey budget
Source: Reuters
Politics | Fri Jun 26, 2015 3:03pm EDT
Governor Christie trims pension, spending, taxes for New Jersey budget
BY JESSICA DINAPOLI
Republican New Jersey Governor Chris Christie on Friday vetoed a "millionaire's tax" and stripped $1.6 billion in spending from the 2016 state budget passed by Democrats, instead backing a bigger tax credit for the working poor but a smaller public pension contribution.
Instead of the $3.1 billion Democrats had wanted to put into the state's retirement system for teachers and other public employees next year, Christie budgeted for $1.3 billion. He also put $212 million of extra revenues into the pension funds, effective immediately.
Christie, expected to announce on Tuesday that he will seek the 2016 Republican nomination for president, again vetoed a tax hike on the 17,000 New Jerseyans whose taxable annual income exceeds $1 million.
Democrats decried his line-item vetoes, but they do not have enough votes to override them.
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Governor Christie trims pension, spending, taxes for New Jersey budget
BY JESSICA DINAPOLI
Republican New Jersey Governor Chris Christie on Friday vetoed a "millionaire's tax" and stripped $1.6 billion in spending from the 2016 state budget passed by Democrats, instead backing a bigger tax credit for the working poor but a smaller public pension contribution.
Instead of the $3.1 billion Democrats had wanted to put into the state's retirement system for teachers and other public employees next year, Christie budgeted for $1.3 billion. He also put $212 million of extra revenues into the pension funds, effective immediately.
Christie, expected to announce on Tuesday that he will seek the 2016 Republican nomination for president, again vetoed a tax hike on the 17,000 New Jerseyans whose taxable annual income exceeds $1 million.
Democrats decried his line-item vetoes, but they do not have enough votes to override them.
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Read more: http://www.reuters.com/article/2015/06/26/us-usa-new-jersey-budget-idUSKBN0P62GE20150626
