Income tax increase on NJ millionaires passed by Senate committee, awaits decision by Christie

[DainBramaged]

In a vote along partisan lines, the Senate Budget Committee tonight approved a two-year income tax increase on New Jersey's 16,000 millionaires.

Democrats say the surcharge will generate more than $500 million in additional revenue that will go largely to suburban school districts. Gov. Chris Christie has vowed to veto the tax.

Earlier, the Assembly Budget Committee passed an identical bill, and budget panels in both houses advanced a $30.6 billion spending plan for the fiscal year that starts Friday.

Senate Republicans said the tax would drive capital investment out of the state and decried the move as political.

The vote came at roughly 10:30 p.m., after a long day of hearings, in public and behind closed doors, along with a Senate voting session.

http://www.nj.com/news/index.ssf/2011/06/income_tax_increase_on_nj_mill.html


there are 200,000 millionaires in NJ, third highest number in the Nation!! Not 15,000.

[annabanana]

1. Christie never met a millionaire

whose cock he didn't suck.

Sorry, those are the facts.

[Sarah Ibarruri]

2. OH MY FRIKKIN GOD! SOMEBODY IS INCREASING TAXES ON THE WEALTHY?

I can't believe it. I swear I can't.

[nonperson]

4. Don't get too happy

Chris Christie vetoed the same tax extension on earnings over a million dollars last year and he's promised to veto it again.

[Sarah Ibarruri]

7. Oh. nt

[rurallib]

3. why should he do anything to help public schools?

his kids go to private schools. If the money went to vouchers, maybe he would think about it.

[dmallind]

5. If this is an income tax, it cannot be based on the normal usage of millionaire

which is a measure of wealth not income. Without researching, my guess is 16000 is the number with incomes over a million, whereas 200,000 is those with net worths of $1MM+ (which in much of NH means owning a house). An income tax has to use the former.

[aquart]

6. They just want video for the commercials.

They want him on record vetoing that tax.