New Jersey Chamber of Commerce

216 West State Street, Trenton, NJ 08608 | 609-989-7888
Andrew George
2015-06-26
NJBIZ
Chris Christie

Gov. Chris Christie signed a budget just shy of $34 billion on Friday in Trenton while using his veto pen to eliminate a proposed tax hike on millionaires and a 15 percent corporate business tax surcharge.

Altogether, Christie vetoed approximately $1.6 billion in spending included in the $35.3 billion budget that the Democratic-majority Legislature passed and sent him Thursday.

Christie said the Legislature was “deaf and blind” on the issue of taxes and noted that his numerous line-item vetoes reflected the Democrats’ unwillingness to engage him in budget negotiations.

“Once again, the Legislature overspent,” Christie said.

Pointing to the decision earlier in this year by Mercedes-Benz USA to move its American headquarters to Georgia, Christie said Democrats don’t understand that the company left the state “because taxes are too high in New Jersey.”

“And yet, the Legislature continues to think somehow we are immune to the competitive forces that are going around,” Christie said.

In his conditional veto of the proposed millionaire’s tax, which would have hiked taxes on those earning more than $1 million, Christie also called for increasing the earned income tax credit from 20 percent to 30 percent.

The move, which is something the Legislature has previously called for, is intended to help low-income working families, Christie said.

“This is something that those families need now more than ever,” Christie said.

Unaddressed in the budget was the state’s depleted Transportation Trust Fund, which will effectively run out of money next July.

Michael Egenton, senior vice president of government affairs for the New Jersey Chamber of Commerce, commended Christie for the vetoes to both the millionaire’s tax and the corporate business tax surcharge.

“When taxes are increased, we see businesses and business owners consider their options, and many ultimately decide not to relocate or expand in our state,” Egenton said. “At the end of the day, it is confidence and predictability that drive a good business climate and forges economic growth.”

Assemblyman Gary Schaer (D-Passaic), who chairs the Assembly Budget Committee, was not as pleased with Christie’s use of the veto pen, adding that Christie’s policies have “once again dug New Jersey deeper and deeper into fiscal crisis.”

“His stewardship of the state budget has left the state wanting,” Schaer said. “While we underfund our obligations, we continue to see no plan to the future for transportation, education, higher education, property tax relief, job creation and housing.”

Despite numerous reports indicating that Christie will launch his long-awaited presidential campaign in an announcement Tuesday at Livingston High School, the governor declined to answer any questions Friday regarding his “political future.”

“I’m here today to discuss my job as governor and what we’ve done with the budget,” Christie said.

NJCC 2022 Biz Summit WEB
March 14-15, 2023 | Harrah's Atlantic City

2023 NJ Chamber Events

Mar 2

NJCC Small Business Series
Recruiting and Keeping Talent During Challenging Times

Where: Virtual Event
When: 9 a.m. - 10 a.m.
Free to participate


Mar 14-15

ReNew Jersey Business Summit & Expo 2023
Where: Harrah's Atlantic City


Apr 26

Evening Networking Mixer

Where: ShoreTown Ballpark, Lakewood 
When: 5 p.m. – 7 p.m.


Upcoming Events

Apr 12

NJCC Business Roundtable Series
Breakfast with Assemblywomen Muñoz & Swain

Where: TBD
When: noon – 2:30 p.m.


May 10

NJCC Business Roundtable Series
Lunch with State Senators Sarlo & Oroho

Where: Hilton Garden Inn Hamilton
When: noon – 2:30 p.m.


May 15

NJ Chamber Challenge Cup Golf Tournament

Where: Bedens Brook Club, Skillman
When: Registration opens at 10 a.m.


June 8

26th Annual NJ Chamber Open House and Reception

Where: The New Jersey State Museum, Trenton
When: 4 p.m. to 7 p.m.


Dec 7

Annual Member Holiday Party

Where: Calandra's Italian Village, Caldwell
When: 5 p.m. - 8 p.m.


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