From “Morning Brew,” a daily financial email:
Yesterday’s news out of Trenton had Snooki, Springsteen, and Tony Soprano speed-dialing their accountants: New Jersey officials agreed on a “millionaires tax” as part of the state’s next budget.
The details: It’s a budget plan that would feel at home in Sherwood Forest. New Jerseyans earning over $1 million would be taxed at 10.75% (currently the rate for those earning > $5 million), up from 8.97%.
Most of the revenue generated would be funneled into annual rebates of up to $500 for families making less than $150,000.
This is a hard-fought win for Gov. Phil Murphy
He first vowed to raise taxes on the wealthy when he took office three years ago…but ran headlong into opposition, including from within his own party (Democrat)…
“Governor Murphy’s plan to raise taxes is a gift for the Florida economy and a nightmare for New Jersey,” said Assembly Minority Leader Jon Bramnick.