NJ Governor, Lawmakers Agree to Increase Taxes on Millionaires

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New Jersey Governor Phil Murphy and Democrat legislative leaders have agreed on a budget deal that will raise taxes on about 35,600 millionaires.

The deal will push the tax rate to 10.75%, from 8.97%, for those with incomes above $1 million. It also includes a maximum $500 tax rebate for about 800,000 households, those with at least one child and income below $150,000, Murphy and lawmakers announced today at a press conference.

“We do not hold any grudge at all against those who have been successful in life,” Murphy said. But “now is the time,” with families suffering job losses, to ask for more from high earners, he said.

Read more at NEWSMAX.

{Matzav.com}

5 COMMENTS

  1. Democracy at work. I love it. This is what Governor Murphy campaigned on and he is keeping his promises. You’ve voted for him and he is delivering. Enjoy.

  2. He raised the gas tax and lo and behold it did not translate into higher revenue. They just raised the tolls. Who is the higher tolls and gas tax hurting most? The lower and middle class people.

    The governor and domocrat controlled government dont care about the people and just want to fund the union and wasteful goverrnment employees.
    People form other states used to refill in NJ adn add to the tax revenue , with the higher gas tax people are using less gas in NJ.. Brilliant. Vote the bums out.

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