New Jersey Senate Votes to Cut Taxes 5%
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TRENTON, N.J. — The state Senate voted Thursday to cut income taxes by 5% retroactive to the beginning of the year.
The Assembly had already approved the cut, and Gov. Christine Todd Whitman was expected to sign it into law on Monday.
Whitman said at a news conference after the vote that she has not ruled out municipal or school aid cuts in her 1994-95 budget but promised to reduce state requirements that drive up towns’ and schools’ costs.
She said the tax cut would be funded next year by reductions in government operations, but she also must make other cuts to account for $1 billion in one-time revenues used this year and $1.2 billion in looming expenses.
Though sharply critical during her campaign of the practice, she said she would have to include one-time revenues in her budget.
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