New Jersey Gubernatorial Candidates Unveil Budgets and Tax Proposals Ahead of Primaries
As New Jersey gears up for the gubernatorial primary on June 10, a competitive field of six Democrats and five Republicans is presenting diverse plans for budget and tax reform. Highlighting their differences, Democratic candidates include Newark Mayor Ras Baraka, who proposes a multi-year budget approach that reinstates taxes on estates over $1 million and introduces a new 14% income tax rate for those over $10 million. Jersey City Mayor Steve Fulop aims for greater public transparency in the budget process and suggests raising property taxes on luxury markets, while Rep. Josh Gottheimer’s focus lies in a 15% reduction in property taxes, financed through statewide efficiency improvements.
On the Republican side, Assemblyman Jon Bramnick plans to simplify tax brackets, potentially saving families thousands annually. He pledged to restore school funding and cut property taxes. Jack Ciattarelli calls for broader tax cuts with an aim to eliminate taxes on retirement income. Meanwhile, Bill Spadea advocates for significant cuts to higher education funding and changes in pension management.
With varying approaches to affordability and fiscal responsibility, voters face crucial choices as the June primary approaches.
Note: The image is for illustrative purposes only and is not the original image associated with the presented article. Due to copyright reasons, we are unable to use the original images. However, you can still enjoy the accurate and up-to-date content and information provided.
