GOP pursues income tax reduction

TRENTON – Republicans introduced a bill this week to cut the income tax.

Continuing the drumbeat the governor began earlier this year for a 10 percent income tax reduction, A3184 would reduce the income tax by 10 percent over three years.

The bill, whose sponsors include Assembly Minority Leader Jon Bramnick, would establish reductions of 3 and one-third percent each year beginning with 2013.

After 2015, the bill maintains the total 10 percent gross income tax rate reduction for future taxable years.

The governor called for an across-the-board income tax cut earlier this year, which Democrats opposed because they said it would unfairly benefit wealthier residents while actually doing little for lower-income residents.

In the same vein, Republicans also have introduced a bill, A3235, that would create a property tax credit.

Earlier story:

Simon, Brown introduce tax-cut plan

 

 

GOP pursues income tax reduction