Governor Christie recently vetoed tax cutting and job development bills presented by the Democratic Party. Next week, Christie will propose a budget of $200,000,000 in tax reductions for small businesses. The $200million tax cut is just a fraction of the total New Jersey budget. Jersey’s economic situation has been recovering, but there will still be a tight budget. Conflict between the Republican and Democratic Parties over the budget will continue until the budget is passed by July or the state will be shut down. Christie was alleged of unjust display last week by vetoing fourteen bills for significant tax cuts for businesses. Jersey is often the front runner for the rest of the states. The governor suggested that NY’s Governor Cuomo follow his actions by cutting spending. The 2010 New Jersey $29.4 billion budget greatly reduced property tax deductions and education aid. Christie vetoed a bill proposed by the Democratic party to expand a tax increase on annual salaries of one million and higher. The Jersey governor approved an $11 billion fundamental budget debt without increasing taxes. The Democratic Party argued that the budget inversely increased property taxes, resulted in transit fair increases, and reduction in tax credits for the working lower class.
For this years fundamental budget deficit, Christie is focusing on schools and local governments. It will be strenuous allocating money wisely without the federal stimulus funding that had supported the Medicaid budget. About $10 billion of the budget will be allotted to schools. Christie is determined to alter the way school districts are funded.
The Supreme Court will make a decision regarding the budget in April.
If you own a small business in New Jersey and worry about your finances, don’t hesitate to contact Metropolitan Risk Advisory for financial assistance risk management help, small business insurance , or New Jersey Workers Comp.