Governor Murphy has been trying to get a millionaires tax passed in New Jersey since he took office. This week he succeeded. Senate President Steve Sweeney and Assembly Speaker Craig Coughlin agreed to go along with the millionaires tax increase because it would fund rebate checks of up to $500 for about 800,000 families. Murphy's plan will raise the income tax on millionaires from 8.9 to 10.75 percent. The rebates will go to married couples with at least one child earning less than $150,000. Single parent families who earn under $75,000 would also get rebate. State Senator Steve Oroho and other Republicans on the Senate Budget Committee called the new tax "good progressive politics." That will "dig New Jersey into a deeper financial hole in the long run."
Source: NJ.COM