Jon Bramnick on Tax Reform

Cut income taxes; simplify brackets; adjust for inflation

• Cut income taxes by simplifying brackets and adjusting for inflation. Under the plan, a joint filer making $110,000 would see an annual savings of $1,600 and a single filer would see $1,000 in savings.
• Implementing property tax relief that will fully fund our schools, requiring any excess state funding is returned to property taxpayers. Property taxes for the average resident would fall by $800 immediately.

No increase in top tax rate to reduce property taxes

Excerpts from veto message: I will not permit the State to succumb to the legislature's enduring addiction to profligate taxing & 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:Jon Bramnick voted NO; passed House 47-31-2 & Senate 24-16-0; Governor vetoed.