Christie Signs Jersey Budget With Deep Pension Cuts

Vetoes “millionaire’s tax” proposed by Democrats.

Gov. Chris Christie signed a $32.5 billion state budget today that all but abandons a first-term plan to repair New Jersey’s derelict pension system, slicing $1.57 billion from a payment required by law for public workers’ retirement funds,” the Star-Ledger reports.

The budget offers increases in funding to schools and hospitals. Christie vetoed Democratic bills that would’ve raised $1.1 billion for the pension funds by taxing millionaires and businesses.

“As I have said before, I strongly believe that punitively raising taxes on our already overtaxed residents and small business owners is not the answer to the state’s short- and long-term fiscal challenges,” Christie wrote in his veto message.

Around the Web

Be respectful of our online community and contribute to an engaging conversation. We reserve the right to ban impersonators and remove comments that contain personal attacks, threats, or profanity, or are flat-out offensive. By posting here, you are permitting Philadelphia magazine and Metro Corp. to edit and republish your comment in all media.