New Jersey lawmakers are considering several changes to tax policy that could affect residents across the income spectrum.
The five-year plan Gov. Christie implemented in 2011 to fund the state’s roads, bridges, and rail expires when the fiscal year ends June 30.
With the Transportation Trust Fund set to run out of money then, lawmakers widely expect to raise New Jersey’s 14.5-cent-per-gallon tax on gasoline, which is the second lowest in the nation.
But as they plan to make motorists pay more at the pump, lawmakers are also pushing legislation that would cut taxes on retirees and phase out New Jersey’s estate tax, referred to by critics as the death tax.
With his five-year plan coming to a close, Christie will almost certainly need new revenue for road, bridge, and rail maintenance and projects, though Democrats concede the governor could probably continue to borrow money for a couple of years.