Report: Murphy To Try Again On The Millionaire Tax

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New Jersey Gov. Phil Murphy plans to call on lawmakers Tuesday to expand the state’s top income tax bracket to all people earning more than $1 million annually, the website PoliticoNJ reported, citing two people briefed on the governor’s budget.

The governor’s budget, which he scheduled to unveil in a 2 p.m. speech at the statehouse on Tuesday, anticipates an additional $447 million in revenue from the higher rate on millionaires, Politico reported.

About 39,000 taxpayers — 20,000 residents and 19,000 nonresidents — would have to pay this millionaires tax, compared to only 1,760 taxpayers who are now paying more under the higher tax that kicks in on income over $5 million.

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