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N.J. Democrats try to enact “millionaires’ tax” over Governor’s veto

Monday, June 21st, 2010



Lawmakers in the New Jersey Assembly today will try to override Governor Christie’s veto last month of legislation that would raise the income tax on millionaires.

Democrats control the legislature but would have to get support from Republicans to come up with enough votes for an override to succeed. Assembly Majority Leader Joe Cryan (D-Union) says the millionaires’ surcharge is needed to provide funds to restore property tax rebates for senior citizens and the disabled.

“We hope that Republicans come to their senses and understand the importance of what we’re doing,” says Cryan, “protecting a vulnerable population here in New Jersey.”

Seven Republicans would have to join Democrats to override the veto. Minority leader Alex DeCroce (R-Morris Plains) says that’s not going to happen.

“There’s absolutely no support for the millionaire’s tax in my caucus,” says DeCroce. “No one in our caucus voted in favor of it the last time, and nobody will be changing their mind.”

Assemblyman Joe Malone (R-Bordentown) says he does not expect any of his fellow Republicans to support the override.

“I think it’s pretty clear to the vast majority of New Jerseyans,” says Malone, “that, if we raise taxes, it only has dire consequences in the long term. Instead of worrying about raising funds and doing additional things, I think we just need to cut our spending as much as we possibly can.”

Republicans say raising the tax would cause more employers to leave the state.


3 Comments

  • Pat says:

    When does it stop. The state of New Jersey continues to spend like drunken sailors on programs that most legislators cannot justify or account for. Some people believe that, despite the millionaires already paying a large chunk of this tax burden, they should pay more and more and more. I am not even close to being one of those millionaires but do understand that the last time this tax was enacted, it was designed to subsidize the property tax rebates. Also realize that after tracking this tax, the monies eventually were applied to other issues besides property tax rebates. Put enough money in the coffers, and the state will find a way to spend it. You should be disgusted with the way this state has misspent the money they do get every year from all tax payers. Don’t put the blame of shortfall on the millionaires, put it on your state legislature for total mismanagement. I think that the millionaires tax would have a better chance of passing if the funds were used to reduce our budget deficit rather than political spending on property tax rebates.

  • Anne says:

    Correction: The millionaire tax would be an additional about 1 1/2 % above what they are currently paying. If my numbers are correct, it’s approximately $10,000 additional tax per million. Since I didn’t make a million dollars in my entire career and someone managed to survive, I can’t imagine that this additional tax is going to impact their quality of life. I don’t have much sympathy of the top 1% of our residents who have benefitted greatly from tax breaks over the last 30 years and who have made out like bandits. That has been accomplished through additional tax burden on the middle class and those who are not exempt from the 20% payroll tax.

  • Anne says:

    As a NJ resident with a middle-class income, I’m horrified that any legislator would not recognize that cutting funding for home health care for the sick and disabled, school breakfast program, family planning and women’s health care, and other programs for our most needy citizens is preferable over maintaining a close to 2% income tax for millionaires. Even though NJ has lower gasoline prices then NY, PA, CT, MD, VA, MA, ME, NH, and the entire East Coast, the Governor doesn’t want to burden out-of-states with higher gas costs. I know many PA and NY residents who shop and drive in NJ because of our cheap gas prices and lower sales tax. I doubt if a one or two cent gas tax would stop them from coming to NJ. I somehow doubt that our state’s millionaires are going to flee the state if they pay $10,000 more in taxes. The Gov. keeps talking about ‘shared sacrifice’ but he doesn’t want the sacrifice to extend to our wealthiest citizens who benefit from living in NJ. I’m disgusted not only with our Governor but with the Republican legislators who would rather see a woman go without medical care then a millionaire save an extra $10,000. And, I’m truly disappointed in the millionaires of this state who have benefited from having high paying jobs who would rather see a hungry child then pay a pittance of additional taxes. Their extra tax is less then many people make in a year. I doubt if the CEO of Horizon would miss some of his $9 million dollar salary.

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