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1 Joseph Henchman, New Jersey's Gubernatorial Race, Part II: Governor Corzine's Challengers Call for Lowering Tax Burdens 1 (2009)

handle is hein.taxfoundation/ffbhcxz0001 and id is 1 raw text is: FFISCAL No. 172 FACT New Jersey's Gubernatorial Race, Part II: Governor Corzine's Challengers Call for Lowering Tax Burdens By Joseph Henchman (See Fiscal Fact No. 171 for a discussion of Gov. Corzine's proposals and New Jersey's current economic crisis.) Lonegan and Christie Debate Income Tax Cuts The two major candidates for New Jersey's Republican gubernatorial nomination are former U.S. Attorney Chris Christie and former Bogota, New Jersey, Mayor Steve Lonegan. Polls show a close race between the two, and between each challenger and current governor Jon Corzine (D). Both Christie and Lonegan have made taxes a centerpiece of their platforms. Lonegan's more defined tax proposal centers on a flat income tax rate with no exemptions or deductions at a rate of 2.9% beginning with the first dollar, falling to 2.5% in the second year, and 2.10% in the third year. Lonegan argues that the economic growth induced by the sharp cut in income tax and elimination of distortive tax preferences will enable revenues to remain stable after the first year even as the rate drops. A flat income tax of the type Lonegan proposes is ambitious but attainable. Nine states have flat income taxes: Colorado, Illinois, Indiana, Massachusetts, Michigan, New Hampshire, Pennsylvania, Tennessee, and Utah. However, all of these states either incorporate some federal deductions by having state taxpayers use adjusted gross income or taxable income from the federal form, or provide a standard deduction or personal exemption. Both would have the effect of shielding some

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