Gov. Chris Christie this morning said he would conditionally veto an earned income tax credit restoration bill and substitute a renewed call for a tax cut.
Speaking on 101.5FM, he said he wants a tax cut retroactive to Jan. 1, 2013 that would be 10 percent of property taxes, capped at $10,000.
The plan would be phased in over four years and it be for households earning up to $400,000.
Christie’s proposal involves increasing the EITC back to 25 percent of the federal level from 20 percent, but it’s tied in to the tax cut proposal.
Christie said this morning Democrats have no justification for opposing the plan since the economy is on the way back. “The evidence is indisputable,’’ he said. “We’ve addressed every issue the Democrats have put up.”
Democrats last year said they could only support a tax cut if revenues were there to support it, and Christie says they are.