NJ Lawmaker Introduces Bill To Raise Taxes On Millionaires
TRENTON, N.J. (CBSNewYork/AP) -- Senate President Steve Sweeney has introduced a bill raising taxes on residents earning more than a $1 million.
He is also calling for increasing the state's earned income tax credit, which usually helps lower-income residents.
Sweeney announced his plans Thursday. He says the revenue from the taxes will help New Jersey meet financial obligations.
NJ Lawmaker Introduces Bill To Raise Taxes On Millionaires
Lawmakers are considering Gov. Chris Christie's $33.8 billion budget proposal. Christie says he would oppose any income tax hikes.
Sweeney proposes increasing the tax rate on income over $1 million from 8.97 percent to 10.75 percent through 2018.
The tax hike would generate $675 million in fiscal 2016.
The earned income tax credit rate would rise to 25 percent of the federal credit, up from 20 percent.
That change would cost about $60 million a year.
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