Christie vetoes income tax for the fifth time.
In a victory for NFIB/New Jersey and small business owners across the state, New Jersey Gov. Chris Christie vetoed $1 billion in taxes this budget cycle, including the NFIB-opposed income tax hike—for a fifth time.
Before a new fiscal year began on July 1, Christie signed into law a $32.5 billion budget blueprint. In doing so, he sidestepped a 10.75 percent income tax hike on million-dollar incomes, along with a 15 percent surcharge on business taxes. In addition, Christie has vetoed four separate millionaire’s taxes during his tenure.
“It is evident that there exists a fundamental disagreement between the Legislature’s strongly held opinion that constantly raising taxes is best for the state and my conviction that incentivizing already overtaxed individuals and businesses to flee our state is foolish and counterproductive,” Christie said in his veto statements.
