TRENTON – Senate Democrats issued a chart they say bolsters their argument that their property tax relief credit plan is better than Gov. Christie’s income tax cut proposal.
For instance, under the plan released today by Senate President Steve Sweeney’s office, someone earning $100,000 would not benefit at all under the governor’s income tax cut plan in tax year 2012 but would receive a $100 credit under the property tax cut plan.
The same figures for that $100,000 earner over the following three tax years comparing the income tax cut plan and the property tax credit program would read as follows, according to the Democrats:
$92/$320 in 2013
$183/$640 in 2014
$275/$800 in 2015
The proposal assumes an annual growth of 5 percent in income tax revenues, and according to the Democrats, the average annual growth over the last 25 years has been 6.1 percent.