Bulletin
Investor Alert

The Wall Street Journal Archives | Email alerts

Sept. 18, 2020, 1:47 p.m. EDT

Democrats in New Jersey propose increasing taxes on people who earn over $1 million a year

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

or Cancel Already have a watchlist? Log In

By Joseph De Avila

Democratic leaders in New Jersey reached a deal to raise income taxes on millionaires, a long-sought goal of Gov. Phil Murphy.

Top-ranking lawmakers are proposing legislation that would raise the rate to 10.75% from 8.97% for tax filers earning between $1 million and $5 million. People earning more than $5 million already pay that rate. The bill would also create an annual rebate of as much as $500 for families earning below $150,000.

The millionaires tax would bring in additional annual revenue of about $390 million. It has a good chance of being passed by the Democratic-controlled state legislature, and it would apply to the 2020 tax year.

“We don’t hold any grudge at all at those who have been successful at life,” Mr. Murphy said at a news conference Thursday. “But in this unprecedented time when so many middle-class families and others have sacrificed so much, now is the time to ensure the wealthiest among us are also called to sacrifice.”

An expanded version of this story appears on WSJ.com

Popular stories from WSJ :

Lawmakers Close In on Spending Deal to Avert Shutdown

Millions Are House-Rich but Cash-Poor. Wall Street Landlords Are Ready.

2021 Best Colleges in America: Harvard Leads the University Rankings

This Story has 0 Comments
Be the first to comment
More News In
Personal Finance

Story Conversation

Commenting FAQs »

Rates »

Partner Center

Link to MarketWatch's Slice.