Governor Phil Scott and House Speaker Nicholas Mattiello on Thursday unveiled the proposed tax reform bill that would replace the New Jersey version of the tax system with a progressive, income tax system.
The bill will be voted on by the state legislature on Friday and the House of Representatives by the end of the month.
It has been delayed to allow lawmakers to work out differences between the Senate and Assembly versions of the bill.
The new system would be a more progressive tax system than the current state system, with a top marginal rate of 15.9 percent and a personal exemption of $10,000.
The top rate would be reduced to 13.9% for the first $25,000 in taxable income, a reduction of $1,500 for each additional $25 in taxable earnings.
The top rate for people making more than $1 million would also be lowered to 14.9%, down from the current 25% for those earning more than that amount.
The plan would also cut the corporate tax rate to 15% from 35% and eliminate the estate tax.
The New Jersey Senate passed the bill last week, but the Assembly passed it separately.
Chris Christie said that if the Senate passes the bill, it will have a major impact on New Jersey’s finances and economic growth.
Scott and Mattiell said the new state tax system will lower the cost of living, lower the rate on personal income, make New Jersey more competitive with neighboring states and give tax payers a better overall return on their investment.
They said that is what is needed to make our state competitive.
Scott said that under the current tax system, New Jersey is “under the thumb of New York and other places around the country.
We are paying higher taxes to pay for things that New Jersey can’t do.”
He said the state has to look at other states that have a lower income tax, and he said it is “unfair to New Jersey taxpayers.”
Christie said he believes the bill will create a fairer tax system and that New York is the best state in the nation to run the federal government.
He said New Jersey would be able to get better tax breaks and that the new system is fairer and more equitable than the state’s current system.
Scott’s office said the governor and the lawmakers were pleased with the progress made in getting the plan passed by the legislature and said the budget will be presented to the legislature on Monday.
The Assembly passed the legislation last week.
The legislation also repeals a $10 million cap on how much New Jersey could increase its income tax.
Scott has said he wants to repeal the cap and allow New Jersey to grow its tax base by increasing its tax rate.
The governor’s office has said that the cap was not necessary and that it would allow New York to do so without having to cut back on the number of tax filers that it collects.
Mattiello said he thinks the cap is an unfair tax, which would hurt New Jersey.
Matt, an economist and former New York City mayor, said he and the other members of the New York delegation have met with the governor on a number of occasions and that he has made his position clear that the state will not have to increase its tax.
He said that New Yorkers are going to continue to be hurt by a cap, but he believes that New Yorker will be able grow their tax base.
Matt said that because New York has a higher tax base, the state would not have a bigger budget deficit if New Jersey were to increase the tax rate on top of the $10 billion cap on New York’s tax base and the $1 billion cap that was set by the Legislature.
He noted that the New Yorker budget is $2.5 trillion, compared to the New Yorkers $1.6 trillion.
Matt also said that although the state already has a larger budget deficit, it is not going to be affected by a higher rate.
He added that the current rate is $5.4 billion, which is the lowest in the country and would be “far below the level that is needed” for New Jersey and for other states.
Matt and the rest of the House and Senate will vote on the legislation on Friday.