For those who admire Chris Christie...
 

What do you think of his plan?

For the upcoming budget year, the administration wants to use $260 million in cash set aside for the Transportation Trust Fund to help patch up a growing revenue gap.

Before Christie can take the money, the Legislature must approve a bill (A3205/S2020) that would let him borrow an extra $260 million so that transportation projects aren’t affected – increasing the debt load on a fund that can’t cover its yearly debt payments. http://www.nj.com/news/index.ssf/201...se_transp.html

He's doing this so he can fund a 10% State income tax cut. He's BORROWING money for a tax cut. This is typical behavior for NJ Governors for the past few administrations. In the meantime, the administration has no intention of making the State's contribution to the pension fund that they raided in the past to plug previous budgets. Unemployment in NJ is a full point higher than the national average.

While laying off state workers, he has bloated the administration's employee rosters with people that make triple digit salaries.

It's risky, no doubt. I'm guessing he is betting on an income tax cut providing some stimulus since people will get to keep more of their paychecks. It might help, but New Jersey residents are already taxed out the ass. Leaving them high is not going to fix the problem either, so what the hell.

I think Christie has done well as a governor..

He's good fiscally.. He's hemmed in a bit.

He's a little too liberal to be mentioned as a Presidential contender.

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TIME FOR GOVERNMENT AUSTERITY.

10%?

What is the state income tax?

He's obviously trying to retain his tax base.. Probably a good move.

The issue is the bonding to pay for the tax cut. I'd have no problem if he cut spending to pay for it but borrowing money just kicks the can down the road and we have to pay interest to boot.

Yeah, I hear you. Perhaps he's counting on the massive inflation that is absolutely going to come when the next economic uptick happens? As soon as we have some monetary velocity, all that QE is going to fuck us. That will be good for debt holders.

He's trying to retain the tax base.. He sees dividends here.

It's obvious.

He believes he will be attacked for budget cuts.

And that they may actually drive down SDP.

The issue is the bonding to pay for the tax cut. I'd have no problem if he cut spending to pay for it but borrowing money just kicks the can down the road and we have to pay interest to boot.

Did you mean to post that twice?

The tax table below will show in detail the New Jersey state income tax rates by income tax bracket(s). There are 6 income tax brackets for New Jersey.

If your income range is between $0 and $20,000, your tax rate on every dollar of income earned is 1.4%.

If your income range is between $20,001 and $35,000, your tax rate on every dollar of income earned is 1.75%.

If your income range is between $35,001 and $40,000, your tax rate on every dollar of income earned is 3.5%.

If your income range is between $40,001 and $75,000, your tax rate on every dollar of income earned is 5.525%.

If your income range is between $75,001 and $500,000, your tax rate on every dollar of income earned is 6.37%.

If your income range is $500,001 and over, your tax rate on every dollar of income earned is 8.97%.

It's 10% of the tax, not the rate.

It's 10% of the tax, not the rate. Ahhh...

You're sneaking up on 10% there..

No, I got lost.

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BOYCOTT NEW JERSEY.

Those are all too high. Add property tax, sales tax, turnpike tolls, and scads of other fees. You're kicking people's asses just for living in the state.

There's a two point six % jump there. He's worried about chasing them away.

Because someone making that kind of money can live someplace else.

What kind of assfuck legislature creates 6 levels of tax brackets? It's like saying "if you make this much, fuck you."

Only if your yearly earnings are over $500,000.
I wish.

If his logic is as you say, then wouldn't it be prudent to express it and explain it rather than say "It's my way or the highway?" People are in an uproar over this and the two NO committee votes were from Republicans!

I'm not a budget genius, but I just know that common sense dictates that you don't take out a loan to go out for a gourmet meal when your stove is busted. Bad analogy. I think you know what I mean though.