Christie Set To Veto Millionaires Tax

By David Madden

TRENTON, NJ (CBS) - New Jersey Governor Chris Christie is expected to veto another millionaires tax that was approved by the state Senate last night.

Twice the Governor has rejected tax increases on those earning more than $1 million a year.

And the arguments for and against it haven't changed. Supporters, like Trenton Democrat Shirley Turner, insist the rich haven't paid enough and everyone else needs a break.

"I'm asking for economic justice, economic fairness and putting people in New Jersey back to work."

Bergen County Republican Gerald Cardinale suggested colleagues compare New Jersey's top income tax rate: "Nine percent. Pennsylvania (is) 3 percent. You want to become the leader again? Make our tax 2 percent."

Republicans counter that the move will only drive those with the ability to pay out of the state.

The levy would help fund a higher tax break than Christie has proposed and Democrats are holding up any tax relief until there's proven revenues to pay for it.

The Governor also has New Jersey's nearly $32 billion budget on his desk, which he has to act on by Saturday night.