N.J. Senate President Makes Fifth Attempt at Millionaire’s TaxElise Young
New Jersey Senate President Steve Sweeney is pushing another effort to pass a tax on high earners, even after Republican Governor Chris Christie vetoed four earlier attempts.
Those earning more than $1 million would be subject to a 10.75 percent income tax rate, rather than the current 8.97 percent, for four years. Sweeney, the highest-ranking Democratic lawmaker in New Jersey state government, said the increase would affect 17,000 individuals “who rank comfortably in the top 1 percent.”
The increase would generate about $675 million annually, according to a news release. The legislation introduced Thursday also would restore the state Earned Income Tax Credit, which benefits low-wage workers, to 25 percent of the federal credit. Christie, who is considering a run for president, had cut it to 20 percent in 2010.
In a radio interview on April 27, Christie said he had vetoed a millionaire’s tax four times, and he would “see what happens” if it lands on his desk again.