NJ leaders reach deal for millionaires' tax to grapple with pandemic costs

By artappraiser on Thu, 09/17/2020 - 10:32pm |

New Jersey leaders announced Thursday they are implementing a new millionaire’s tax as the Garden State works to recover from the economic fallout of the coronavirus pandemic.

Gov. Phil Murphy (D) was joined by state leaders at a press conference in Trenton to announce that lawmakers have agreed to raise the tax rate on residents earning over $1 million from 8.97 percent to 10.75 percent. The agreement also includes a maximum $500 tax rebate for middle-class and low-income working families with at least one dependent child for single parent households earning $75,000 or married couples making under $150,000.

The rebate checks will start to go out in summer 2021. Murphy said the effort will help as many as 800,000 families in New Jersey. People in the state earning over $5 million are already taxed at the higher rate [....]

URL:

https://thehill.com/homenews/state-watch/516871-nj-leaders-reach-deal-for-millionaires-tax-to-deal-with-pandemic-costs

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NJ leaders reach deal for millionaires' tax to grapple with pandemic costs

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