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.

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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