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New Jersey Lawmakers Revive Millionaires Tax Debate

TRENTON, NJ (CBS) – With just four days left for New Jersey legislators to approve a budget for the fiscal year that starts on Friday, a Senate committee is set to address an option that’s become quite popular and controversial: the millionaires’ tax debate.

We’re talking 16,000 people in the Garden State who earn over a million dollars a year.

Senate President Steve Sweeney wants to re-impose the 10.75 percent levy that expired in the waning days of the Jon Corzine administration, with the $600-million raised going to education funding and tax breaks for the elderly.

“Everyone gets to sacrifice,” Sweeney says. “There’s no reason for millionaires — I mean ultra-wealthy people — to get off the hook here.”

Sweeney expects the tax to clear the legislature and be vetoed by Governor Chris Christie.

“He can stake out his position that he opposes it and he never supported it. But my colleagues in the legislature could assure that more revenue gets into our schools and that seniors get a break,” Sweeney said.

The challenge will come in an attempt to override Christie’s veto, which will need Republican support. Democrats helped Republicans increase public worker contributions for health care and pensions.

Reported by David Madden, KYW Newsradio 1060

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    […] New Jersey Lawmakers Revive Millionaires Tax Debate « CBS Philly TRENTON, NJ (CBS) – With just four days left for New Jersey legislators to approve a budget for the fiscal year that starts on Friday, a Senate committee is set to address an option that's become quite popular and […]

  • Mama

    Yes. All you poor lower middle income people keep feeding the rich. Just like a bunch of ignorant serfs blindly supporting their overlords. Chris Christie is one of the rich money money grubbers counting on all of you to shout “That’s not fair to the suffering ultra rich!” LOL! He loves you all. Pathetic. Stand up for your own families for once.

  • Peter

    Contrary to popular belief there are eight states with a higher combination of income and sales taxes than New Jersey. People in New Jersey just whine better. What hurts in New Jersey is the property tax. The tax burden needs to be shifted away from the home owner to the sales and income tax payers. The state needs to take more responsibility for costs now dumped on local governments

  • Nostromo

    Tax them. Those posting previously would have it sound as though these folks would be left destitute. These affluent leverage the lucrative markets in New Jersey to enrich themselves; now it is time to give back.

  • Don Nowak

    What these politicians don’t understand is that when you impose such extreme taxation to this group, they move. Why pay 10.75% when you can move accross the Delaware River and pay 3.07% or get a place in Florida and pay 0%. Many have already done it which means NJ get nothing. Do the math. These politicians are idiots.

    • Anne Shirley

      They’re not going to move – no one will be able to get a mortgage to buy their homes and if they’re that rich they already have homes in Florida that they spend the cold New Jersey winters in.

      That’s just a scare tactic.

  • Pat Murphy

    People making a million or more pay income tax just like you and me. They also pay another 9% on top of that , now the DeoRats wan to charge the people making a million or more a year another 10.75% . If this were to happe you would see most of these peop;e moving to Delaware.

    • joe

      DeoRats? Seriously? Grow up, and leave the whole right vs left bs at home, its for amateurs.

  • kat

    How aout the Lazy Man Tax? Tired of people complaining that they have less, than someone else. Whatever happened to self respect, and self-worth? Working for your own dollar has disappeared. Free money isn’t free, us tax payers are forced to give it up. Let’s tax those who run our state the most. Let’s call it the, I love to hear myself talk, yet get nothing done tax. “There’s no reason for millionaires — I mean ultra-wealthy people. ” Don’t you love how the government wants to take your money, and spend it how they like? IF you didn’t earn it, it’s not yours. KEEP YOUR HANDS OUT OF THE PEOPLES POCKETS! This suppose “Tax” applies to those makinga couple of hundred K. Though I don’t make that kind of money,I would like to, without being penalized for my efforts to want more for me and my family,

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