TRENTON, N.J. (AP) – Would boosting income taxes help cut
property taxes in New Jersey?
That’s the proposal offered yesterday by Assemblyman Louis
He says nearly all New Jerseyans would see a tax cut if the
state relied on income taxes rather than property taxes to pay for
Under his proposal, residents would pay 16-point-one percent
more in what they pay in income taxes, raising one-point-nine (b)
billion dollars for school funding. For example, if someone now
pays one-thousand dollars in income taxes, their total bill under
Manzo’s plan would be one-thousand,161 dollars.
Combined with 700 (m) million from the state’s property tax
rebate program and one (b) billion from the sales tax, the Hudson
County Democrat says the proposal could slice overall taxes for 95
percent of residents.
Nearly eight (b) billion dollars in property taxes still would
have to be collected for schools.
(Copyright 2006 by The Associated Press. All Rights Reserved.)