TRENTON — In a vote along partisan lines, the Senate Budget Committee tonight 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 that will go largely to suburban school districts. Gov. Chris Christie has vowed to veto the tax. Earlier, the Assembly Budget Committee passed...
TRENTON — In a vote along partisan lines, the Senate Budget Committee tonight 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 that will go largely to suburban school districts. Gov. Chris Christie has vowed to veto the tax.
Earlier, the Assembly Budget Committee passed an identical bill, and budget panels in both houses advanced a $30.6 billion spending plan for the fiscal year that starts Friday.
Senate Republicans said the tax would drive capital investment out of the state and decried the move as political.
The vote came at roughly 10:30 p.m., after a long day of hearings, in public and behind closed doors, along with a Senate voting session.