Corzine's Budget Introduced. You Can't See It

The Star Ledger is reporting that Corzine's State budget was formally introduced late Thursday, but that copies are still not available for review.

Legislative committees are scheduled to have hearings on the budget that they haven't read on Monday.

Here's what we know it will include:

Tax increases on incomes over $400,000. This will prompt high earners to change their residency, just as Corzine himself argued when opposing such increases in previous budgets.

Increased levies on cigarettes, wine and hard liquor. Corzine will have to raise tolls on the bridges into Delaware and PA to cover the short fall these measures will cause. That will not help the reduced sales and tax revenues from NJ's dining, entertainment and package good industries.

Eliminate the property tax deduction on next year's income tax filings for anyone earning more $150,000 annually. This will lead to more middle class families throwing in the towel and leaving NJ. It will also lead to a huge increase in families making $149,000. This measure will have a stimulative economic impact...in December...as small businesses rush to incur expenses in order to reduce their incomes below the $150,000 threshold. However this boost in economic activity will be an offset by middle income earners asking their employers to postpone their last paycheck to until after the new year, so that they can stay below $150K.

The new budget would also cut rebate checks for anyone who isn't a senior citizen or a disabled resident. Seniors and the disabled will be able to get great deals on real estate, as more people head for the exits.

The good news? Corzine has a friend in the White House and he is focused like a laser.