Christie vows to veto tax hikes at town hall

Christie has nixed similar increases in three of the past four years. (6/25/14)

HADDON HEIGHTS - (AP) - Gov. Chris Christie is vowing to veto a package of tax hikes being pushed by Democrats to fill New Jersey's gaping budget hole.

Speaking Wednesday in Haddon Heights at his 122nd town hall-style event, Christie said residents of the state will flee if their taxes rise any higher.

A budget proposal advanced Tuesday by Democratic lawmakers would raise taxes on residents earning at least $1 million a year and impose a higher tax on businesses.

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Christie has nixed similar increases in three of the past four years.

Christie and Democrats are locked in a showdown over a budget that must be adopted by June 30.

Christie has proposed cutting planned contributions to the state's pension system to help bridge a projected $2.75 billion budget gap for the coming fiscal year.

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