PHILADELPHIA (KYW Newsradio) — President Donald Trump tweeted a note of congratulations on Monday to New Jersey's legislature for passing a budget that did not include a "millionaire's tax." The proposal from Gov. Phil Murphy would have increased the top marginal rate paid by people who make more than $1 million from 8.97% to 10.75%.
Murphy said on Twitter Sunday that the tax "would generate more than $500 million of reliable revenue to invest in property tax relief, public school funding, and municipal aid, while strengthening NJ against any economic downturn."
However, the Democrat-controlled Legislature turned it down.
Trump says the tax would have driven wealthy people from the state.
On Sunday, Murphy signed the $38.7 billion budget without the provision, avoiding a state shutdown.
