Christie Vetoes 'Millionaire's Tax' As He Prepares For Presidential Run

Gov. Chris Christie polished his image as a tax-cutter as he prepares for a presidential run, vetoing a “millionaire’s tax” Friday that would have raised an estimated $688 million.

He also vetoed a one-year increase in the corporate tax to generate an additional $435 million. The Democratic-controlled Senate and Assembly sought those funds to help restore $1.8 billion Christie had slashed from next year’s annual pension contribution.

“If I had the money today to make the full pension payment, I would,” said Christie, speaking at a news conference, as reported by the New Jersey Watchdog website. “We don’t – and I’m not going to raise taxes on all the people in New Jersey to benefit 625,000 [pensioners] in a system that’s completely broken.”

>>Related: Christie Spent Up To 42 Percent Of Second Term Out-Of-State, Report Says

Christie also proposed a new tax break for lower-income families, increasing the state’s Earned Income Tax Credit to 30 percent of the federal credit. Democrats had approved a raise to 25 percent; the current EITC in New Jersey is 20 percent.

“I hope the legislature will concur quickly,” said the governor, according to New Jersey Watchdog. “I want to cut taxes for everyone. The legislature won’t let me cut taxes for everyone, so now we’re going to cut taxes for the working poor in the state.”

The report comes from a website that is part of a national chain called Watchdog.org, which targets government spending, waste and corruption. The New Jersey site is operated by prominent investigative journalist Mark Lagerkvist, a former special projects reporter at The Asbury Park Press who also worked at CNBC.

Patch reprints information from the site with permission.

At the news conference, Christie refused to discuss his upcoming campaign for president.

But his actions drew heavy criticism from political opponents who viewed Christie’s actions as a thinly veiled attempts to win GOP nomination votes.

The New Jersey Education Association said in a statement:

“Gov. Christie’s irresponsible veto of much-needed pension funding is a continuing insult to public employees and all taxpayers as he departs the state to pursue his political ambitions. His pandering to voters in Iowa and New Hampshire leaves New Jersey with a growing pension obligation that must now be paid, with interest, by New Jersey’s taxpayers.”