I have many friends on the social networking site Facebook, one of which is Jon Corzine, when I logged onto my account I noticed the following entry from the Governor:
“Jon Corzine is restoring property tax deductions for taxpayers earning up to $150k. With this revision 84% of taxpayers can claim the deduction.”
This was a smart move, taking away the property tax deduction for those making less the $75K a year, in order to balance this years budget would have been the equivalent of Jim Florio’s tax on toilet in the early 90’s. It could have sparked a real revolt.
In the current economic mess we find ourselves in today, New Jersey residents already pay the highest property taxes in the country, to take away both their tax deduction and rebates for property taxes would most likely be political suicide for the Governor and Democrats in Trenton.