By Matthew Arco | May 14th, 2012 - 5:27pm
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TRENTON – While rumors swirl that Gov. Chris Christie and Senate President Steve Sweeney are closing in on a deal over a proposed tax cut, Assembly Democrats say they are sticking to their guns.

Majority Leader Lou Greenwald (D-6), Voorhees, issued a statement Monday afternoon indicating Assembly Democrats would continue to push for the lower chamber’s tax credit proposal. The statement came despite news that Christie and Sweeney are on the verge of announcing a compromise on their respective plans.

The two were prepared to announce a deal on a proposed tax cut at a press conference this afternoon before Sweeney bowed out citing health reasons, sources said.

However, Assembly Democrats gave no indication Monday they would compromise on their plan, which the governor has repeatedly said is a non-starter.

“All we know is the Assembly plans to continue its fight for significant property tax relief for New Jersey’s middle class and seniors,” Greenwald said in a statement.

“Our plan is responsible, reliable and meaningful and because it’s based on economic fairness it can withstand the sagging revenues of Gov. Christie’s failed economic policies,” he said. “We will continue to talk to New Jerseyans about the impact property taxes have on their lives, and we will soon advance our plan legislatively for the good of middle-class New Jerseyans and seniors. We urge everyone to join us in our effort."

The Assembly plan would offer those earning $250,000 or less a 20 percent credit on property taxes and would pay for the cut by instituting a tax on incomes over $1 million.

Christie has repeatedly indicated he would not support any plan that calls for increasing taxes.

Christie's plan would give an across the board 10 percent income tax cut, while Sweeney's plan would tie the cut to the amount of property taxes paid. Sweeney's plan would have limited the tax cuts to those earning $250,000 or less, and would only apply to the first $10,000 in property taxes.

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Sources say Sweeney and Christie were prepared to announce a tax cut deal

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