NJ Gov. Pitches $40.9B Budget With Millionaires’ Tax

Law360 (February 25, 2020, 8:04 PM EST) -- New Jersey’s governor proposed raising taxes on millionaires Tuesday as part of a $40.9 billion budget that also called for higher taxes on cigarettes and opioid manufacturers, new corporate fees and overhauled tax incentives.

New Jersey Gov. Phil Murphy told lawmakers that taxing personal incomes over $1 million as a way to fund property tax relief is “simple fairness.” (AP) Stressing what he said was fairness for middle-class property taxpayers, Gov. Phil Murphy, a Democrat, asked lawmakers in Trenton for the third straight year to approve higher taxes on people making more than $1 million annually. The measure would raise about...

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