EWING, N.J. (KYW Newsradio) — As budget negotiations heat up in New Jersey, Gov. Phil Murphy is offering to sweeten the deal to fellow Democrats in the legislature in his efforts to expand the millionaires tax.
At a town hall meeting in Ewing Monday evening, the governor announced that there had been an unexpected uptick in tax revenue. Without getting into specifics, he suggested he’s ready to bump up the amount of middle-class property tax relief — on one condition.
The only way we can make this happen is by passing the millionaire’s tax to give us the full resources to provide real property tax relief.I urge the Legislature to join me in increasing the Homestead rebate next year by asking millionaires to pay their fair share in taxes.
— Governor Phil Murphy (@GovMurphy)
May 6, 2019 “If we get a millionaires tax,” Murphy said, “I’m going to commit to you right now in next year’s budget, we’re going to put another $250 million additional into property tax relief in this state.”
Murphy’s proposed budget already calls for almost $500 million in homestead rebates and senior citizen tax breaks.
Right now, the millionaires tax kicks in at $5 million of annual income. He wants it to cover anyone making seven figures a year.
Legislative leaders have made it clear they do not want to broaden that levy.
