Millionaires Tax Deal Announcement – 9/17/20

Governor Murphy and Democratic leaders in the Legislature are currently holding a press conference on a millionaires tax deal. The state’s gross income tax rate on income between $1 million and $5 million will increase from 8.97% to 10.75%. As part of the deal, households with incomes below $150,000 and at least one child will receive rebate checks of up to $500.
 
NJBIA President and CEO Michele Siekerka issued a statement saying the exchange of a tax increase for middle class relief, and not for the direct benefit of the proposed FY2021 budget, only proves that tax increases are not necessary as part of the budget.
 
“We are still encumbered with a proposed budget that calls for $4 billion in unnecessary bonding that will worsen our untenable debt load,” Siekerka said.