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Politics : Formerly About Advanced Micro Devices

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To: bentway who wrote (285703)	4/27/2006 10:20:54 AM
From: longnshort	of 1584598

Broken promise If there was a political honeymoon for New Jersey Gov. Jon Corzine, it appears to be over, the Associated Press reports. In his first four months in office, the Democrat has proposed an increase in the sales tax and broken a promise to give homeowners dramatic relief from the highest property taxes in the nation. Mr. Corzine's approval ratings have sunk from 43 percent to 35 percent in a month, and fellow Democrats in the Legislature are hesitant to back his budget plan, the wire service said. Mr. Corzine said he is unmoved by such troubles, arguing that tough decisions are needed to right a state with chronic tax and budget problems. Among other things, the 59-year-old former Goldman Sachs chief executive promised a big increase in the property-tax rebates that New Jersey homeowners receive each year. Property owners in New Jersey pay an average of about $6,000 a year. But after inheriting a $4.5 billion budget deficit, Mr. Corzine called for $1.9 billion in tax increases -- including an increase in the sales tax from 6 percent to 7 percent -- and announced that the property-tax relief he promised would cost too much at $550 million. He offered $100 million instead.

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