Under a new proposal by state legislators in New Jersey, the tax rate on income over $1 million would increase from 8.97% to 10.75%.A rebate up to $500 was also announced for families making less than $150,000, and for single-parent households earning up to $75,000.
New Jersey state legislators also announced a rebate up to $500 for families making less than $150,000, and for single-parent households earning up to $75,000. Rebate checks would be sent to eligible recipients in the summer of 2021. The millionaires tax comes as a part of Murphy's effort to provide financial relief amid the coronavirus pandemic for nearly 800,000 families in New Jersey, according to aNew Jersey has taken a financial hit due to COVID-19. The New York Timeson Thursday that over 1.5 million people in New Jersey have filed for unemployment benefits while more than 16,000 state residents have died.
If signed into law, the new tax rate would be equivalent to the one paid by New Jersey residents making more than $5 million annually. The state's millionaires tax is projected to generate nearly $390 million and is part of a nine-month, $32.4 billion budget plan that needs to be enacted at the state capitol by October 1.
A long time ago there was a commercial with a spokesperson who said...”Come On Down”......NY, NJ, Conn and Mass are terrible places to live!!!!! The Democrat political leaders are the most awful on earth!
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