Christie tells Legislature of his latest tax plan

TRENTON - In a special session before the state Legislature today, Gov. Chris Christie vetoed Democrats' plan to raise taxes on millionaires and reintroduced a property tax cut originally floated by Senate Democrats.

The initial plan called for a tax increase on earnings over $1 million.

The governor says he wants to take one-third of that revenue and give it back to the middle class.

Gov. Christie received a wave of laughter when he said the new plan is supported by both state Democrats and himself.

He says this is the kind of bipartisan legislative action that has given back to the state of New Jersey for the past two and a half years.

It's the third straight year they have tried to hike income taxes on high earners - and the third year the Republican has vetoed it.

The governor's opponents in the Legislature described Christie's actions as grandstanding and said they have no plans to play along.

Democrats also say that Christie's plan wouldn't deliver savings until next year and that money has already been put aside for a tax cut, but only if state revenues come in as strong as hoped.

Top Democrats dismiss Christie's tax cut plan

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