News Article

Democrats Advance Millionaires Tax

By Phil Gregory, WBGO News
Trenton. June 22, 2012

Listen to Report

New Jersey Statehouse (photo by Phil Gregory)

Democrats in the New Jersey Legislature are advancing a bill that would impose an income tax surcharge on millionaires to fund property tax relief for the elderly and the disabled.

Twice before Democrats proposed a millionaires tax only to see it vetoed by Governor Christie.

Republican Assemblyman Jay Webber urged them to stop.

 “This bill perhaps once and for all proves that Democrats in this Legislature are one trick ponies when it comes to their budget planning and proposals.”

That drew a quick response from Assembly Budget Committee Chairman Vinnie Prieto.

 “I don’t think Democrats are a one trick pony. I think we’re thoroughbreds that work hard for the working class.”

Prieto says the tax surcharge is necessary to get more money into the Homestead Benefit program, but Republicans say it would be a job killer.

The governor has promised to veto this bill if the Legislature approves it.

WBGO Newsroom

NPR

Sign-up for WBGO News

Verification