About 485K low and moderate income families receive the credit
Senator Shirley Turner (D-Mercer) (left) shakes hands with Governor Chris Christie after he addressed a joint session of the Senate and Assembly in the Statehouse in Trenton in 2010.TRENTON — A state senator has proposed restoring the state’s earned income tax credit for low-income households to previous levels.
The state tax credit was trimmed in the current budget from 25 percent of the federal benefit to 20 percent and remains at that level in Gov. Chris Christie’s proposed budget.
“Families earning below poverty level wages are in greatest need for this additional income to bridge the gap in their household budgets, especially in a high cost of living state like New Jersey,” said Sen. Shirley Turner (D-Mercer). “Despite claims that the cost of living has not increased, the reality is that costs are skyrocketing for everything from groceries to gasoline.”
About 485,000 low and moderate income families receive the credit, according to Turner, who said a family of three earning minimum wage would have saved $300 more.
Turner last month also proposed reinstating a tax surcharge on households earning more than $1 million a year.
“Cutting taxes for those who have the most while raising taxes on those who have the least qualifies the governor as our Hypocrite-In-Chief,” she said.
Previous coverage:
• Some N.J. Democrats clamor to renew fight with Christie to enact millionaires' tax
• N.J. Democratic senator proposes bringing back 'millionaires tax'
• Star-Ledger Editorial Board: Restore N.J. tax on the rich; Enact local property tax cap
• Gov. Chris Christie's budget: Working poor are stiffed with reduced earned income tax credit
• N.J. budget 2011: Tax credit for working poor cut 20 percent