New Jersey Democrats Revisit Plan To Resurrect Millionaires Tax

By David Madden

TRENTON, N.J. (CBS) -- The President of the New Jersey State Senate is resurrecting the idea of a millionaires tax to help fund the state pension system.

This proposal seems to come up every year at about this time. Governor Chris Christie has shot it down every time. With a pending run for President, it's almost certain he'll do it again. But Senate President Steve Sweeney insists the 2011 pension deal obligates the state to fully fund the plan. And it's not like there aren't options.

Let's not talk about raising the millionaires tax," Sweeney says. "Do you know how you fix that? Grow jobs in this state. Find an alternate solution."

Sweeney says it would help if Christie were in the state more to actually negotiate.

A spokesman for the Governor, in a statement, says "increasing taxes on New Jersey families to pay for public employee entitlement programs is a very confused way to argue for strengthening the economy."