New Jersey governor, lawmakers strike deal to hike taxes on state's millionaires
Murphy's administration estimates the tax increase will raise about $390 million in revenue.
By Megan Henney FOXBusiness
New Jersey Gov. Phil Murphy on Thursday announced a new deal with fellow Democrats to hike taxes on the state's wealthiest individuals and couple that with a one-time tax rebate for lower-income households.
Under the plan, the state's gross income tax rate on earnings over $1 million will increase to 10.75% from 8.97%. Wages over $5 million are already taxed at the top marginal rate of 10.75%.
Murphy's administration estimates the tax increase will raise about $390 million in revenue from 16,491 state residents and 19,128 non-residents.
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https://www.foxbusiness.com/politics/new-jersey-to-unveil-millionaires-tax-targeting-wealthy-residents
