Dueling Democratic Plans To Raise Taxes On The Wealthy In New Jersey
TRENTON, NJ (CBS) -- New Jersey Governor Phil Murphy unveils his first budget next week. One thing is clear. Taxes are going up. The question is on who and by how much.
Murphy ran in part on a promise to impose the so-called "millionaires tax" that his predecessor, Chris Christie, vetoed time and again.
State Senate President, and fellow Democrat, Steve Sweeney this week came up with his own idea: a three percent surcharge on business taxes paid by multi-million dollar companies that are getting a huge federal tax break.
"You know where those dollars are coming from? Us as taxpayers," Sweeney told reporters in Trenton. "They're getting the tax cut on the backs of us. So all we're saying is, if you're going to get this major windfall, share it with the people of the state of New Jersey."
Sweeney's plan would earmark the money to education funding.
As for the Governor, he was non-committal on the Senate President's idea.
"I don't see it as an alternative but perhaps as an additional weapon at our disposal," Murphy said. "But I love the creative thinking that's coming from any corner. But we're going to give that some more thought."
Both men say they won't rule out taking both options, but there are no promises at this point.
