News12.com

Interest Groups Look To Raise NJ Taxes

News12.com — Wednesday, March 26, 2003

TRENTON — The Fairness Alliance, which represents a wide range of interest groups in New Jersey, outlined a plan to help the state get through difficult fiscal times. The coalition proposed a temporary tax hike to New Jersey's wealthiest residents.

The group wants to raise the tax rate to seven and a half percent for families earning between $400,000 and $600,000. Under the plan, the tax rate would become eight and a half percent for family income between $600,000 and $1 million, and nine and a half percent for a family that earns more than $1 million.

The Fairness Alliance wants its plan to replace the budget proposed by Governor James McGreevey (D-NJ) The governor promised not to raise taxes, saying the state would instead cut funding to high education, health insurance and prescription drug coverage.

The coalition's plan also calls for reducing taxes for low-income residents. Families earning less than $25,000 a year and individuals making less than $15,000 would be exempt from paying any income tax.

The Fairness Alliance is made up of 75 groups whose interest range from labor unions to advocates for children and the elderly.

Video: http://ondemand1.cv.net/news12/DNFAIRT.asx

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