NJ Governor Jon S. Corzine is about to tell New Jerseyans just how bad the state’s economy is.
   
Corzine will present a bare-bones budget Tuesday that reduces spending to 2006 levels.
   
The governor’s proposal is expected to include new payroll taxes on the state’s 250,000 businesses, a surcharge on taxes paid by the wealthiest New Jerseyans, and additional taxes on liquor, wine and cigarettes.
   
The budget is also said to include a yearlong wage freeze and furloughs for state workers, a diminished property tax rebate program and modest cuts in aid to towns and schools.
   
Senate President Richard Codey says the budget is the most dire he’s seen in 35 years in the Legislature.
  
The plan requires legislative approval.

Other elements of his election-year budget are said to include:

-Adding Powerball to the list of lottery games in which New Jersey participates, generating about $10 million. New Jersey would become the first state to participate in two multistate lottery games.

-Raising taxes on liquor, wine and cigarettes, which would generate about $30 million. Beer is not included.

-Reducing municipal aid about 2 percent.

-Adding a 4 percent to 5 percent surcharge to taxes paid by residents earning more than $250,000 a year.

(Source: 1010WINS)