Gov. Chris Christie has vetoed a millionaire's tax increase and says it is time to give New Jersey residents a tax cut.
The Republican laid out his plan Monday to a special session of the Legislature. Christie ordered it two days ago during his ongoing struggle with the Democrat-controlled Legislature over the principles and politics of taxes.
The governor says his line-item budget vetoes have created a $650 million state surplus -- and that one-third of it should be used to pay for property tax cuts.
Democrats wanted to increase taxes on people who make more than $1 million to pay for a bigger property tax cut for others.
It's the third straight year they have tried to hike income taxes on high earners -- and the third year the Republican has vetoed it.