NJ Assembly Approves Tax Increase on Millionaires

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.

Copyright AP - Associated Press
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