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June 26, 2015

Gov. Chris Christie has warned that he’s sharpening his knife to cut the Democrats’ $35.3 billion budget and accompanying tax hike on incomes of more than $1 million. But according to New Jersey Policy Perspective, a liberal-leaning think tank, the tax hike, and an increase in the Earned Income Tax Credit for low-wage earners that the Democrats passed, wouldn’t do all that much for income inequality. The top 1 percent of earners, according to NJPP, will see their taxes increase 0.4 percent, while the bottom 20 percent of income earners will pay 0.3 percent less.

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