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New Jersey Lawmakers Revive Millionaires Tax Debate

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(Credit: Jessica Kourkounis/Getty Images)

(Credit: Jessica Kourkounis/Getty Images)

David Madden David Madden
David Madden is a Philadelphia native with virtually a lifetime of...
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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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