GOP plan for ‘once-in-a-lifetime opportunity’ to cut NJ taxes

TRENTON – Assembly Republicans want to cut income taxes as part of the new state budget, part of a four-pronged plan for responding to an unprecedented surge in state revenues and surplus.

Assembly Minority Leader John DiMaio, R-Warren, said the tax brackets haven’t been adjusted in nearly a quarter-century – and that given inflation rates and the state’s multi-billion surplus, now is the time.

“It’s going to give long-term, sustainable relief to many, many New Jerseyans, particularly those on the lower end of the scale,” DiMaio said.

Taxes would be reduced on income under $128,455 for a single taxpayer and $256,910 for a married couple. Savings would amount to $1,600 for a married couple earning $110,000 or $1,000 for a single taxpayer with income of $70,000, DiMaio said.