John Wisniewski on Tax Reform
Increase top tax rate to reduce property taxes
Excerpts from legislation: Increases the top tax rate contingent on enactment of homestead benefit legislation. A new top marginal rate is set at 10.75% for earning over $1,000,000 (an increase from 8.97% for those earning over $500,000);
lower brackets maintain the same rates. The purpose of the bill is to fund an enhanced homestead benefit, to temper the regressivity of the property tax for the bulk of NJ's property taxpayers.
Excerpts from veto message: I will not
permit the State to succumb to the legislature's enduring addiction to profligate taxing and spending. I also have vetoed AB 3029, which would have increased the Earned Income Tax Credit to provide relief to only a subset of NJ's taxpayers. All of our
taxpayers are already subject to one of the nation's highest state income tax rates. Instead, we should be lowering taxes for all New Jerseyans.
Legislative outcome:Wisniewski voted YEA; passed House 47-31-2 & Senate 24-16-0; Gov. vetoed.
Source: New Jersey legislative voting records: A 3201
, Jun 25, 2012
Page last updated: Jul 19, 2017