Bush Institute. April 10, 2012 (Transcript Below)
Governor Christie: I had to present my Fiscal '11 budget that had a projected $11 billion deficit on a $29 billion budget, a 37% deficit by percentage the largest deficit by any state in America. And now my Democratic friends thought now was the time to move in for the kill. And they went back to their favorite thing. The President will be talking about it today. We're going to have a millionaire's surcharge to help to balance the budget. Now I want to make sure you understand because people mess this up. You think that's a millionaire's tax. You see in New Jersey we already had a millionaire's tax. And this is a special millionaire's tax in New Jersey. See here's how it went. In New Jersey they said the millionaire's tax applied to everyone who made $400,000 a year or over. Now that's called New Jersey math everybody. And see I tried to use it as a selling point early in my administration. I said to the people of the country, listen. We all aspire to be wealthy. We all aspire for success, and if you are not a millionaire, but you'd like to feel like one, come to New Jersey. Even if you're not a millionaire we will tax you like one.
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