Report: Murphy To Try Again On The Millionaire Tax


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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