chanel
Silver Member
Top Democratic lawmakers today proposed raising taxes on so-called true millionaires -- those making more than $1 million a year -- to pay for restored senior property tax rebates and prescription drug benefits.
Democratic legislators, led during a Statehouse news conference by Senate President Stephen Sweeney (D-Gloucester) and Assembly Speaker Sheila Oliver (D-Essex), said the tax increase would apply to about 16,000 New Jersey residents.
The plan challenged Republican Gov. Chris Christie's pledge against raising taxes in the budget for the fiscal year that starts in July. Christie has argued that a repeat of last year's income tax surcharge -- which affected those with incomes over $400,000 -- would hurt small business owners and slow economic growth.
Christie immediately rejected the Democrats' proposal, accusing them of trying to "pander" to senior citizens with a one-year fix that will harm the state's broader economy. He repeated his vow to veto any tax increase, and characterized the dispute as a "philosophical difference" between himself and foes who want a bigger government.
The governor questioned how lawmakers proposed to raise the same amount of revenue from 16,000 taxpayers that had previously been raised from 63,000 people.
"It's a cute idea, but their math doesn't work," Christie said.
N.J. Democrats propose tax hike on those making more than $1M | - NJ.com
Didn't they try this in CA and NY? Hmmmm.