New Budget Includes Income Tax Cut

Gov. Chris Christie reaffirmed his commitment to a 10 percent across-the-board cut in income taxes when he delivered his $32.1 billion budget plan before a joint session of the Legislature this week. CIANJ President John Galandak was among the guests invited to the upstairs gallery in the Statehouse to hear the budget address. Afterwards, Galandak released a statement supporting the plan.

“This is another positive step in having New Jersey shed its reputation as one of highest taxed states in the nation,” Galandak said. “Signals like these make people stand up and take notice of how our state is changing and becoming a more attractive place to locate and grow a business. CIANJ is certain that the creation of private sector jobs will accelerate as a result.”

The tax cut has a business impact since the owners of small businesses meet their tax obligations through the income tax. Christie acknowledged the business benefit in his remarks in Palisades Park on Wednesday.

“We need a tax cut to keep the New Jersey comeback,” he said. “It will draw people to our state and create more jobs.”

But the Democrat majority in the Legislature said it would be better to focus on reforming the property taxes. Christie has a rebuttal, however.

“My attitude is to send the money back to New Jerseyans and let you decide how to spend it.”