NJ gov to be sent millionaires tax bill again
TRENTON, N.J. - June 25, 2012 (WPVI) -- The Assembly and Senate are set to take final votes Monday on a plan to restore property tax rebates by taxing millionaires.
The Democrat-backed plan raises the income tax rate by nearly 2 percentage points on the state's 16,000 richest taxpayers. Only income over $1 million would be taxed at the higher rate, 10.75 percent.
Separate legislation appropriates the $789 million in additional revenue to Homestead rebates, the tax relief program for low-income property owners, disabled residents and the elderly.
Republican Gov. Chris Christie has vetoed a millionaires tax twice before and promises to do so again.
GOP Assemblyman Jay Webber called the Democrats' one-trick ponies for trying to enact the tax again. But Assembly Budget Committee chairman Vincent Prieto says Democrats are thoroughbreds looking out for the middle-class.
new jersey, gov. chris christie, taxes, inside politics
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