The Obama Administration yesterday backed down from its plan to tax the earnings on 529 savings accounts, a kind of saving account for higher education under section 529 of the tax code. At Bloomberg, Richard Rubin and...
- Bloomberg Uses Tax Foundation's State Tax Burden Data
Bloomberg Uses Tax Foundation's State Tax Burden Data
By Terrence Dopp and Elise Young
New Jersey Governor Chris Christie, the Republican whose state has the nation's highest taxes, predicted he and Democrats who control the Legislature will work out lower levies before July 1.
Christie, who's midway through his first term, is calling for a 10 percent income-tax cut over 36 months, which he's said is possible now that the state's "fiscal house is in order."
"We'll bring them along," Christie said yesterday of legislative Democrats. His remarks at a town-hall meeting in Florence were punctuated by a shouting match with a man opposed to the merger of Rutgers University law school with Rowan University. The man, who identified himself as William Brown, a 34-year-old Rutgers law student, was ejected by police.
New Jersey led the U.S. in combined state and local tax burden in 2009, according to the Washington-based Tax Foundation. The state also has the highest property-tax bills, an average $7,759 in 2011.
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