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.

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  • Joe Jones

    What a tremendous disappointment this is. Christie’s original campaign promises included not touching pensions, and the law he wrote and passed to restore the pension fund indicated his concern for all working people. Now they have been hung out to dry, all to further his personal agenda of support from the far right for the 2016 election. I thought better of him as a leader, and as a person.