Assemblyman John F. McKeon (D-27th Distirct), lead sponsor of the Millionaire's Tax, joins Senate Republican Leader Thomas H. Kean Jr., and News12's Luke Margolis to debate Gov. Christie's proposed 10 percent tax cut this morning at 10 a.m. and afternoon at 3 p.m.
From McKeon's office:
McKeon blasted Christie's proposed reduction in income taxes as favoring the rich, with the majority of the estimated $1B in cuts going to millionaires and a minimal impact on the middle class. "Is that fair?" he asks. McKeon has called for shared sacrifice with the Millionaire's Tax which would impose a 1.7 percent surcharge on income above one million, generating an estimated $600 million, which would partly fund suburban schools and result in property tax rebates. He also criticized Christie's proposed Budget for taking away rebates granted in earlier budgets by Democratic governors. "People care more about property taxes..." he said.
"While I believe the 16,000 millionaires in our state should be celebrated... if we took the estimated $600 million generated from the millionaire's tax and gave some of it to suburban districts, like in your district Tom, there would be real property tax rebates," McKeon (D-Essex\Morris) said in his discussion with Kean and Margolis. Responding to a question from Margolis on whether an across-the-board tax cut would have a trickle down impact of stimulating the economy, McKeon said, "Trickle down is a myth," pointing to how 20 million more jobs had been generated with a higher tax rate during the Clinton Administration than during the Bush Administration, which cut income taxes.
Join the conversation on Sunday, Feb. 26 at 10 a.m. and 3 p.m. on News12's New Jersey Power and Politics.