Sidamon-Eristoff says he expects lawmakers to demand an income tax increase on the wealthy, which would generate an added $600M in revenue Watch video
Andrew Sidamon-Eristoff, left, takes questions from the media with Gov. Chris Christie at his side, in this 2010 file photo.TRENTON — New Jersey Treasurer Andrew P. Sidamon-Eristoff said a millionaire’s tax is off the table.
During his opening remarks today to the state Assembly Budget Committee, Sidamon-Eristoff said he expects lawmakers to demand an income tax increase on the wealthy, but he said the pleas will not be met with approval by Gov. Chris Christie.
“I can assure you that this governor will not sign a budget that increases taxes,” said. “To do so would break our faith with the people of New Jersey — already among the most highly taxed in the nation — and undermine New Jersey’s economic competitiveness and job creation.”
Democratic lawmakers have signaled that they want to raise the state’s top income tax rate on those who earn $1 million or more. Last year, Democrats passed a similar increase, but Christie vetoed the bill.
The increase would generate an additional $600 million in revenue, which Democratic lawmakers wanted to use for additional property tax relief.
Republicans have argued that increasing the top tax rate will drive the wealthy out of the state and actually reduce revenue.
Editor's note: An earlier version of this story misstated the earning level at which Democrats want to raise the top income tax rate.
Previous coverage:
• N.J. Dems plan vote to override Gov. Christie's 'millionaires tax' veto
• Public worker unions plan massive rally in Trenton against Gov. Chris Christie's budget cuts