NJ Governor Jon S. Corzine is about to tell New Jerseyans just how bad the state’s economy is.
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Corzine will present a bare-bones budget Tuesday that reduces spending to 2006 levels.
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The governor’s proposal is expected to include new payroll taxes on the state’s 250,000 businesses, a surcharge on taxes paid by the wealthiest New Jerseyans, and additional taxes on liquor, wine and cigarettes.
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The budget is also said to include a yearlong wage freeze and furloughs for state workers, a diminished property tax rebate program and modest cuts in aid to towns and schools.
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Senate President Richard Codey says the budget is the most dire he’s seen in 35 years in the Legislature.
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The plan requires legislative approval.

Other elements of his election-year budget are said to include:

-Adding Powerball to the list of lottery games in which New Jersey participates, generating about $10 million. New Jersey would become the first state to participate in two multistate lottery games.

-Raising taxes on liquor, wine and cigarettes, which would generate about $30 million. Beer is not included.

-Reducing municipal aid about 2 percent.

-Adding a 4 percent to 5 percent surcharge to taxes paid by residents earning more than $250,000 a year.

(Source: 1010WINS)