chanel
Silver Member
An Assembly budget panel has 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. They want to use the money mostly for aid to public schools.
A Senate panel is scheduled to take up the measure tonight.
Gov. Chris Christie has vowed to veto the tax.
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.