Gov. Chris Christie wants to give New Jersey homeowners a new tax break to help offset the added costs they will face under the Republican tax law that President Trump just signed.
It's a nice dream. Christie would allow homeowners to deduct the full value of their property taxes from their state income taxes. It would not come close to compensating homeowners for the damage done by the new tax law, but it would help.
And while we at it: All good children in New Jersey should get a pony on their birthdays.
This proposal is insane, folks. New Jersey is broke, ranked dead last in a recent study comparing the fiscal health of states. This would cost about $170 million a year. It's like buying a new Corvette on credit, when you can't make payments on your jalopy parked out back.
And who would benefit? Renters would get nothing. And neither would most homeowners.
Here's a look at the math: The average residential property tax bill in 2016 was $8,288. So, most homeowners already can deduct the full value of their property taxes.
Granted, you don't have to be rich to pay more than $10,000 in New Jersey. Loads of middle-class families pay more than that, and would benefit from Christie's proposal. But it's also true that the rich would benefit the most by far, given the higher value of their homes and the higher rates they pay in income taxes.
So, why should this be our top priority now? What about fixing our decrepit transit system? What about helping the addicts who are dying while they wait for an opening at overbooked treatment centers? Why not lighten the tax load in a way that is skewed towards those at the bottom, rather than the top?
It's depressing that our next governor, Phil Murphy, says this idea is "not crazy" and should be considered. During his campaign, he sidestepped the fiscal crisis, and instead proposed a long list of expensive new programs.
Here's hoping that he sobers up before swearing his oath in a few weeks. Corvettes are awesome, and maybe someday we can buy one. But let's first simmer down and make a few payments on that jalopy.
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Tom Moran may be reached at tmoran@starledger.com or call (973) 836-4909. Follow him on Twitter @tomamoran. Find NJ.com Opinion on Facebook.