New Jersey’s Gubernatorial Race, Part II: Governor Corzine’s Challengers Call for Lowering Tax Burdens
Chris Christie and Steve Lonegan both aim to cut taxes, although Christie would preserve the bracket progressivity and the array of credits and deductions. Lonegan, while eliminating them, would create the nation’s first completely flat tax (although several states have flat taxes with a standard deduction or personal exemption) and the one with the lowest rate. Christie would cut the state’s high corporate income tax but also rely on tax incentives to spur development and employment, a policy that New Jersey has tried for years and that has not worked in other states. Lonegan, on the other hand, hopes that favorable tax policy would be sufficient to bring jobs and business back. Both plans are serious and attainable, with strengths and flaws.