New Jersey governor announces 2012 payroll tax cut
New Jersey Governor Chris Christie recently announced a payroll tax reduction that will provide savings of $87 per New Jersey worker next year. Christie told a 250-member crowd at the Woodland Park headquarters of defense equipment manufacturer Kearfott that the cut is "the beginning of moving things in the other direction," as quoted by Passaic Valley Today.
The cut will reduce the state's disability insurance payroll tax by $190 million. However, officials do not expect an adverse effect on the disability fund, according to the Courier-Post.
"New Jersey workers have been paying much more into the disability fund than what is needed to keep it solvent," said Harold Wirths, commissioner of the Department of Labor and Workforce Development, as quoted by the news source. "This change is not only fairer to New Jersey workers, it also leaves people with more spending money to put back into our economy."
According to the New Jersey Newsroom, Democratic Senators Shirley Turner and Fred Madden lauded Christie's decision to implement the tax change, which they sponsored.
The cut will reduce the state's disability insurance payroll tax by $190 million. However, officials do not expect an adverse effect on the disability fund, according to the Courier-Post.
"New Jersey workers have been paying much more into the disability fund than what is needed to keep it solvent," said Harold Wirths, commissioner of the Department of Labor and Workforce Development, as quoted by the news source. "This change is not only fairer to New Jersey workers, it also leaves people with more spending money to put back into our economy."
According to the New Jersey Newsroom, Democratic Senators Shirley Turner and Fred Madden lauded Christie's decision to implement the tax change, which they sponsored.
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