McKeon Debates Millionaire's Tax on Television

Watch your local lawmakers on News Channel 12 at 10 a.m. and 3 p.m.


Assemblyman John F. McKeon (D-27th Distirct), lead sponsor of the Millionaire's Tax, joins Senate Republican Leader Thomas H. Kean Jr., and News12's Luke Margolis to debate Gov. Christie's proposed 10 percent tax cut this morning at 10 a.m. and afternoon at 3 p.m.   

From McKeon's office:

McKeon blasted Christie's proposed reduction in income taxes as favoring the rich, with the majority of the estimated $1B in cuts going to millionaires and a minimal impact on the middle class. "Is that fair?" he asks. McKeon has called for shared sacrifice with the Millionaire's Tax which would impose a 1.7 percent surcharge on income above one million, generating an estimated $600 million, which would partly fund suburban schools and result in property tax rebates. He also criticized Christie's proposed Budget for taking away rebates granted in earlier budgets by Democratic governors. "People care more about property taxes..." he said.  

"While I believe the 16,000 millionaires in our state should be celebrated... if we took the estimated $600 million generated from the millionaire's tax and gave some of it to suburban districts, like in your district Tom, there would be real property tax rebates," McKeon (D-Essex\Morris) said in his discussion with Kean and Margolis.   Responding to a question from Margolis on whether an across-the-board tax cut would have a trickle down impact of stimulating the economy, McKeon said, "Trickle down is a myth," pointing to how 20 million more jobs had been generated with a higher tax rate during the Clinton Administration than during the Bush Administration, which cut income taxes.  

Join the conversation on Sunday, Feb. 26 at 10 a.m. and 3 p.m. on News12's New Jersey Power and Politics.

Time4Dick2Go March 01, 2012 at 05:40 AM
An alternate explanation, and a much more plausible one is - Sometimes the real truth just slips out. In politics, it's what's known as a Kinsley gaffe.
Time4Dick2Go March 01, 2012 at 05:41 AM
Why was Codey's hometown the only one getting a million bucks? Weren't there enough ornaments on the Christmas tree for everyone in the 27th District?
Time4Dick2Go March 01, 2012 at 05:46 AM
If you won't even propose legislation, how do you expect to make any changes? People need to be rallied around something tangible, not just the throw-away line, "I can "assure you" that Assemblyman McKeon would very much like to see property tax and education funding reform." It's time to get serious, or get out of the way. Taking up a seat in the legislature and voting as the party and the unions direct is in conflict with the needs of your constituents, and there's nothing moral about that.
Time4Dick2Go March 01, 2012 at 05:48 AM
Don't worry, McKeon, Jasey and Codey are down in Trenton fighting every day for the hard working taxpayers in District 27, and in a few minutes GaryE will put up another post telling us that.
Democracy March 01, 2012 at 09:40 AM
Codey Jasey and McKeon were all easily re-elected last November, so district voters obviously like them. If you think their politics are too progressive, perhaps you should move to a more conservative district in NJ or even move out of State? Nothing is served by the kinds of personal attacks that have dominated this comments section except to turn off other readers. It certainly doesn't change any minds, especially the partisan name calling.


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