Top New Jersey Democrats Agree to Raise Taxes on Millionaires
Democratic leaders in New Jersey reached a deal to raise income taxes on millionaires, a long-sought goal of Gov. Phil Murphy.
Top-ranking lawmakers are proposing legislation that would raise the rate to 10.75% from 8.97% for tax filers earning between $1 million and $5 million. People earning more than $5 million already pay that rate. The bill would also create a new annual rebate of as much as $500 for families earning below $150,000.
The millionaires tax would bring in additional annual revenue of about $390 million. It has a good chance of being passed by the Democratic-controlled state legislature, and it would apply to the 2020 tax year.
“We don’t hold any grudge at all at those who have been successful at life,” Mr. Murphy said at a news conference Thursday. “But in this unprecedented time when so many middle-class families and others have sacrificed so much, now is the time to ensure the wealthiest among us are also called to sacrifice.”
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