The spending plan that takes effect Wednesday raises $1.3 billion in new taxes on businesses and residents. It eliminates property tax rebates for the those under 65 who make more than $75,000 annually.
The budget increases so-called sin taxes on liquor, wine and lottery winnings over $10,000. It raises income taxes for one year on the wealthiest and extends a 4 percent surcharge on corporate business taxes that was set to expire.
The budget relies on $2.2 billion in federal stimulus money.
Democrats say the budget is responsible and prudent in harsh economic times. Republicans say it relies too heavily on federal stimulus money and other one-time revenues.
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The Giants and Jets football teams will have a new home next season. Check out these photographs of taken over the new stadium in the Meadowlands in East Rutherford, NJ by Tom Kaminski in Chopper 880 on Monday, November 23, 2009.
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