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Income tax increase on NJ millionaires passed by Senate committee, awaits decision by Christie [View All]

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nonperson Donating Member (901 posts) Send PM | Profile | Ignore Mon Jun-27-11 10:24 PM
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Income tax increase on NJ millionaires passed by Senate committee, awaits decision by Christie
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Source: NJ Star-Ledger

TRENTON In a vote along partisan lines, the Senate Budget Committee tonight approved a two-year income tax increase on New Jersey's 16,000 millionaires.

Democrats say the surcharge will generate more than $500 million in additional revenue that will go largely to suburban school districts. Gov. Chris Christie has vowed to veto the tax.

Earlier, the Assembly Budget Committee passed an identical bill, and budget panels in both houses advanced a $30.6 billion spending plan for the fiscal year that starts Friday.

Senate Republicans said the tax would drive capital investment out of the state and decried the move as political.

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Christie vetoed this same miniscule tax extension (reportedly less than 2% tax on earnings over one million dollars per year) last year and in doing so ended all property tax relief for seniors and disabled in New Jersey, which the proposed tax would have funded.

This is another example of Republicans protecting the excess of the few over the well being of the many. Tax cuts for the rich. Reduced services and tax INCREASES for the rest of us.
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