New Jersey lawmakers lay out transportation fund plan
A bipartisan group of New Jersey lawmakers laid out a plan to use higher gas taxes to replenish the state's transportation fund.
The plan calls for paying 23 cents a gallon more for gasoline. It is a plan that Gov. Chris Christie would have to sign into law, but the governor says he is not convinced it will work.
"I have been calling for tax fairness," Christie said. "They have included tax reductions, but not nearly enough."
In addition to the gas tax increase, the plan laid out by lawmakers Monday eliminates the estate tax and phases out state income taxes for seniors with less than $100,000 a year in income. It would increase the earned income tax credit for working families.
Supporters of the plan say that the gas tax increase hurts fewer New Jerseyans than other taxes, because about a third of gas sold in New Jersey is purchased by out-of-state drivers.
The plan needs to be voted on by the summer, which is when the transportation trust fund is set to run out of money.