NJ Assembly approves tax increase on millionaires

(AP) - 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. NoDemocrat opposed it.

The bill raises the tax rate nearly 2 percent, to 10.75 percent,for an estimated 16,000 wealthy filers.

Democrats want to use the extra revenue for suburban school aidand to restore a property tax freeze for senior citizens.

The Senate was set to consider the bill later Wednesday.

Republican Gov. Chris Christie has vowed to veto it.

Earlier, the New Jersey Senate approved a $30.6 billion statebudget crafted by Democrats

The Assembly was set to consider it.

New Jersey's treasurer says the Democrats' budget is unlawful sothe governor can't sign it.

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