“Tax Cut Plan” For Jersey

As Governor, I’ll cut Jersey’s property and income taxes. It’s been a long time since you’ve heard that from a Democrat, but I plan to change our antiquated tax code to make it cheaper to move to Jersey, buy that first home, and afford to raise a family. Here’s my plan: 

Cut Property Taxes by 15%

• New Jersey has the highest property taxes in the nation. As Governor, I will cut property taxes for everyone by nearly 15%. This will save homeowners thousands of dollars a year and help families move to and stay in Jersey.
  

Deliver Rent Rebates

• It’s not just homeowners who can’t afford the cost of housing, it’s also renters. The cost of rent in New Jersey is up 33% over the last five years for the 1.2 million Jersey families that don’t own their own homes. 
• I’ll give every renter a $500 annual rebate. This will help those just entering the workforce, families who can’t afford to buy, and seniors looking to downsize.
  

“Family Income Tax Cuts” for Middle Class Families with Extra Help for Seniors to “Retire in Jersey”

• I’ll also implement a new “Family Tax Credit” for every Jersey middle class family with kids or senior parents they’re taking care of. 
• My Tax Cut Plan also includes extra help for seniors with a new “Retire in Jersey” incentive.  For those who turn 70, and have lived in Jersey for at least a decade, you’ll get a $1,000 credit on your state income tax return.
  

Incentives to Attract Jobs and Families to Jersey — Growing our State

• To grow our population and economy, we need to get new families and jobs to move to Jersey.
  • I will also make Jersey the first “property tax neutral” state in the nation, taking high taxes off the table in relocation decisions. If you move here, my “Move to Jersey” program will let you continue to pay the same property tax at the same rate you paid in the state you left for five years. 
• I will create a “New Job Business Tax Credit” for every job created in New Jersey. If your company moves new jobs to Jersey, it will get a tax credit of $5,000 per new job created.
  

It’s All Paid For

• My Tax Cut Plan is fiscally responsible and fully paid for, and takes account of our structural deficits. 
• My effort is all about making government better, providing better services, and operating with higher efficiency. Following models from other states, we can achieve 5% savings by making things run better. 
• I’ll stop letting New York rob us blind, especially when it comes to tax revenue. By going after New York’s claim to our state’s tax revenue, we can save Jersey taxpayers about  $1.4 billion.
• I plan to claw back more money from the federal government to New Jersey. Right now, we are only getting back 75 cents for every dollar we send to Washington. Fighting for what’s ours will save hundreds of millions per year.
• Finally, I believe in lower taxes—but I hate tax cheats. I’ll go after tax cheats who are currently shirking their taxes and make them pay what they owe.

Read my full Tax Cut Plan here.