State lawmakers unveil dueling tax cut plans

State lawmakers revealed their plans to cut taxes Monday.News 12 New Jersey found out that how much residents will save still depends on how much

TRENTON - State lawmakers revealed their plans to cut taxes Monday.

News 12 New Jersey found out that how much residents will save still depends on how much they earn.

Democrats in the state Senate and Assembly released plans to cut taxes in New Jersey. Senate President Steve Sweeney held a news conference in his statehouse office to unveil his plan, which he says would benefit 95 percent of property tax payers.

In the Senate's plan, anyone earning less than $250,000 per year would get an income tax credit worth 10 percent of their property taxes. Under the Assembly's plan, meanwhile, that the tax credit would double to 20 percent.

Gov. Chris Christie's plan chops 10 percent off the taxpayer's total income tax bill.

Democrats say the governor's plan panders to the wealthy: they earn more, so they'll get more back. Under the Democratic plans, renters won't be left out of the tax credits.

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