Assembly Republicans want to reform New Jersey's income tax and use the state's revenue windfall to provide immediate tax relief.
for the current fiscal year that ends June 30, more than $9 billion higher than initial estimates last summer.
“He is working with the governor and legislative leadership towards his plan, the details of which will be released as part of the ongoing budget process,” spokesperson Cecilia Williams told NJ Advance Media. “The speaker has indicated the Democratic proposal will include tax relief in the place people need it most – property taxes.”
DiMaio and Wirths said the changes would allow married couples earning $110,000 to see a tax reduction of about $1,600, and single filers would see a reduction of about $1,000. “Our plan benefits mostly low-wage and middle-class families, because they are the ones most affected by inflation, but everyone will see some kind of relief whether it is through lower property taxes or rebates,” Wirths said in a statement. “When the state is sitting on extra money because of overtaxation, you can guarantee the government will spend it. We plan to send it back to the taxpayers.”
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