NJ Bill May Raise Tax on Millionaires

Democratic lawmakers in New Jersey are to consider a bill Thursday to raise taxes on millionaires and provide a tax break to many homeowners

New Jersey's state Senate Budget Committee has approved an additional tax on income over $1 million to go toward tax cuts for lower-income homeowners.

A pair of bills would raise taxes on earnings over $1 million and use the $789 million in additional revenue to fund property tax relief for seniors and the disabled who earn up to $250,000 and other homeowners earning up to $100,000.

They were adopted without debate Thursday by the budget committee.

The Assembly's budget committee is also to take up the issue.

In both 2010 and 2011, New Jersey's Democrat-controlled Legislature passed a similar bill, only to see it vetoed by Gov. Chris Christie.

The Republican Christie has ridiculed the current version of the proposal.

Copyright AP - Associated Press
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