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Tuesday, February 19, 2008

Dems suggest cutting tax relief

Some Southern New Jersey Democrats have begun calling for drastic reductions in the property tax rebate program that gave New Jersey homeowners $1,000 checks last year, with the elimination of the rebate checks as part of the program to right the state's sinking finances.

The legislators - all from the state's 1st District - suggested the move as an alternative to what many fear will be drastic, program-ending budget cuts, which are set to be revealed next Tuesday during Gov. Jon S. Corzine's budget address.

As part of his financial restructuring plans, Gov. Corzine promised massive cuts in the state budget to eliminate $2.5 billion worth of deficit and balance the budget, along with later controls on state spending, and referendum approval of future bond issues by the state that lack dedicated revenue sources.

Republicans responded to suggestions of cutting the tax relief measures angrily Tuesday, saying it was a step in the wrong direction.

"Why is that Gov. Corzine and the Democrats seem to have visceral opposition to cutting any spending other than tax relief," said Assemblyman Richard Merkt, R-Morris. "Property tax relief programs are not spending, they are a way to let the taxpayers keep more of their own money."

Democratic legislators calling for reductions in property tax relief said Friday that last year's rebate check program was made possible through increased taxes, which made the majority of the program contradictory.

Gov. Corzine has suggested that property tax relief could stay in place with the implementation of his plan to raise tolls on some of the state's highways, and have an independent entity manage the roadways and issue bonds to pay off half of the state's $32 billion debt.

1 comment:

carl said...

Wow!This is related to Tax Debt Relief. Its wonderful news that the New Jersey Democrats have begun calling for drastic reductions in the property tax rebate program that gave New Jersey homeowners $1,000. This is a great move by the government. Further, Republicians responded to suggestions of cutting the tax relief measures anngrily saying it was a step in the wrong direction.