New Jersey Millionaires Tax Has No Chance, Top Lawmaker Says
- Higher rate needed to support proposed $38.6 billion budget
- Senate president insists biggest corporations should pay more
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New Jersey’s highest-ranking state lawmaker said Governor Phil Murphy’s proposed millionaire’s tax won’t happen, a sign of the deep divide among his fellow Democrats on the issue less than two months before the fiscal 2020 budget deadline.
Murphy’s $38.6 billion spending plan, for the fiscal year that starts July 1, counts on more taxes from those with incomes exceeding $1 million. He lost that fight last year, settling for higher rates on those earning $5 million or more to make the budget deadline and avert a government shutdown.