A millionaires tax is coming to New Jersey, in a long-sought political win for Gov. Phil Murphy
New Jersey Gov. Phil Murphy and other top lawmakers said Thursday that they would raise taxes on those who earn more than $1 million a year and send tax rebates of up to $500 to hundreds of thousands of families, hailing the announcement as a victory for the middle class.
The deal is a major political win for Murphy, who campaigned on a progressive platform and has proposed the “millionaires tax” for years, but was stymied by lawmakers in his own party.
“We do not hold any grudge at all against those who have been successful in life,” Murphy said at a Thursday morning news conference in Trenton, flanked by Lt. Gov. Sheila Oliver, Assembly Speaker Craig Coughlin, and Senate President Stephen Sweeney. “But in this unprecedented time, when so many middle-class families and others have sacrificed so much, now is the time to ensure that the wealthiest among us are also called to sacrifice.”
Sweeney, who had resisted the tax in recent years, acknowledged that his turnaround was a surprise to some.
https://www.inquirer.com/politics/new-jersey/new-jersey-millionaires-tax-phil-murphy-20200917.html