NJ Assembly Approves Tax Increase on Millionaires

Wednesday, Jun 29, 2011  |  Updated 7:05 PM EDT
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NJ Assembly Approves Tax Increase on Millionaires

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The New Jersey Assembly has approved a two-year income tax increase on millionaires.

The vote was 46 to 32. No Republican supported the measure. No Democrat opposed it.

The bill raises the tax rate nearly 2 percent, to 10.75 percent,

The revenue is earmarked for aid to suburban schools and for a property tax freeze for senior citizens who own homes.

Republican Jay Webber says a higher tax will drive wealthy taxpayers from the state and cost New Jersey jobs.

Gov. Chris Christie has vowed to veto it.

Earlier Wednesday, the New Jersey Senate approved a $30.6 billion state budget crafted by Democrats.

The Assembly was to consider the budget later Wednesday. New Jersey's treasurer says the Democrats' budget is unlawful so the governor can't sign it.

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