Chris Christie to Give Every Millionaire in New Jersey an $8,000 Income Tax Cut this Year

The New Jersey State Assembly and the New Jersey State Senate passed an extension of a tax placed on those with incomes of more than $1 million in 2010 yesterday.  Chris Christie promptly vetoed the bill, giving every millionaire in the state at least an $8,000 tax cut, and siding against fairness for the 99.8% of us in New Jersey who will not make a million dollars this year.

First in the Assembly and then in the Senate, every single Democrat in the legislature voted in favor of the tax to restore property tax rebates for seniors, while every single Republican in both chambers sided with the millionaires.

For those of you who worry the tax isn't fair for the poor, mistreated millionaires, there is an OLS study that shows under Chris Christie's budget, a family of four will see its tax liabilities increase $1,293 this year, while the same family making $500,000 this year gets a cut of $1,586 and that same family making $1,200,000 will get a cut of $11,598.  On top of that, under Christie's budget, a family of four making $40,000 this year will pay 12.3% of its income in sales and property taxes, while a family of four making $1.2 million will pay 9.2%--it's not clear how that is somehow tilted against those poor millionaires struggling to get by.

And for those of you worried the mistreated New Jersey millionaires will move out of state, let's keep in mind that everyone making a million bucks is getting a tax cut of $8,130 over last year--because the Democrats have cut income taxes on income between $400,000 and $1,000,000 that Governor Corzine signed last year and that expired in December. 

So, as Chris Christie is saying there is no money for children to have breakfast at school, that assistance to the developmentally disabled must be cut, that there is no money to ensure women can pay for mammograms, that higher education and high school for adults must go, and that libraries will get a 74% decrease, keep in mind that he is giving every millionaire in New Jersey a $12,000 tax cut this year.