N.J. Assembly budget panel approves 2-year tax hike on millionaires | NJ.com Complicated issue. Since the NJ Supreme Court has found that the state needs to restore $500 million in school aid cuts, I don't see how Christie has a choice. But with that said, can someone help me with this math? The top tax rate will be raised from 8.97 to almost 11%. 16,000 people are expected to pay $500 million MORE? Do you think these people might deserve a thank you? It blows my mind.