TRENTON — 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...
TRENTON — 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.
Earlier, budget panels in both houses advanced a $30.6 billion spending plan for the fiscal year that starts Friday.
Democrats rejected the budget Republican Gov. Chris Christie proposed and drafted their own version.
It's about $1 billion higher than Christie's spending plan.
A balanced budget must be in place by July 1. If not, the state technically runs out of money and government shuts down.
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