N.J. Democrats push tax surcharge on millionaires
Monday, May 10th, 2010
Democrats in the New Jersey legislature are proposing to restore an income tax surcharge on the wealthy.
The Democrats' plan would re-instate for one year the three percent surcharge on the 16,000 New Jersey residents with taxable incomes of at least a million dollars. Senate President Steve Sweeney says that would raise more than $620 million this year. He says that could be used to restore property tax rebates for senior citizens and avoid an increase in prescription drug co-payments for seniors and the disabled.
"When the governor talks about shared sacrifice I think we all get it and we all agree, but shared sacrifice means 100 percent of us share in the sacrifice not 99 percent."
Democrats say they're hoping to pass the millionaires tax measure next week. Governor Christie says he'll send it back with a veto. Christie says he won't raise taxes this year.