Finance

Christie Vetoes Millionaire Tax from Budget

July 1, 2014
 

Gov. Chris Christie signed a $32.5 billion state budget today that all but abandons a first-term plan to repair New Jersey’s derelict pension system, slicing $1.57 billion from a payment required by law for public workers’ retirement funds.

With his new budget — which makes modest funding increases to schools and hospitals and is 1.2 percent smaller than the one he signed last year — Christie held firm on a promise to block major tax increases in New Jersey. He vetoed a pair of Democratic bills that would have hiked rates on millionaires and businesses and reaped an extra $1.1 billion for the pension funds.

Democrats in the Legislature don’t have enough votes to override Christie's vetoes.

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