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  Codey considers tax hike, 401(k) changes
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Last Edited*crickets chirp*  Feb 08, 2005 10:52am
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MediaNewspaper - Atlantic City Press
News DateFriday, February 4, 2005 06:00:00 AM UTC0:0
Description"TRENTON - The Codey administration is considering a rollback of income-tax cuts from the 1990s and the removal of 401(k) tax shelters as options for balancing a $4 billion budget deficit, according to two people involved with the discussions.

The income-tax plan first was brought up a month ago, but it has been given more weight in the past week as the acting Gov. Richard J. Codey's administration looks for ways to present a balanced budget by March 1.

The proposed income-tax hike would be limited to couples earning between $150,000 and $500,000 and singles earning between $75,000 and $250,000. It essentially would roll back income-tax cuts made by Gov. Christie Whitman, who cut the tax rate three times until it dropped from 7 percent to 6.37 percent."

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