New Jersey Gov. Chris Christie Thursday vetoed two bills that would have increased taxes on individuals earning $1 million or more and restored property tax rebates for senior citizens.
The Republic governor, who took office in January with a pledge to end tax hikes in the Garden State, rejected the bills within minutes of the Democratic-controlled Legislature approving the initiatives.
“After the dual failures of out-of-control state spending and the inability to curb a 70% rise in property taxes over the last 10 years, the supporters of this bill want to continue down the path of ever higher taxes, which has crippled our state’s economy and led to even more job losses,” Christie’s veto message reads.
Boosting the income tax to 10.75% from 8.97% on taxable incomes of $1 million or more would have generated more than $600 million. The Legislature planned to use the additional funds to restore cuts to senior programs in the fiscal 2011 budget proposal, including a senior drug program and property tax rebates for elderly citizens.
On Wednesday, Christie announced that his administration had found sufficient funds from increased rebate collections from drug manufacturers and a higher use of generic medication to restore drug assistance for seniors.
Democratic lawmakers stressed that New Jersey’s highest earners should help shoulder the burden of the state’s senior community. While the administration believes it now has the funds to support the senior drug program, there are no plans to give property tax rebates to seniors.
“Gov. Christie has made it clear that he stands for millionaires over our most vulnerable senior citizens. That’s disappointing,” General Assembly Speaker Sheila Oliver, D-Essex, said in a prepared statement. “Our plan simply asked our 16,000 most fortunate residents to share in the sacrifice to help more than 600,000 senior and disabled residents. It was a compassionate plan that wasn’t too much to ask to protect our parents, grandparents and neighbors.”
To overturn the veto, both chambers would need to fashion a two-thirds majority vote. The bills were shy of that figure by four votes in the Senate and eight votes in the lower chamber.
