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New Jersey lawmakers advance budget hiking taxes on wealthy

Lawmakers in New Jersey advanced a $32.7 billion budget that hikes income taxes on millionaires and businesses.

News 12 Staff

Sep 23, 2020, 10:52 AM

Updated 1,368 days ago

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Lawmakers in New Jersey advanced a $32.7 billion budget that hikes income taxes on millionaires and businesses.
The Democrat-led Assembly and Senate budget committees voted in favor Tuesday of the spending plan, with Republicans in opposition. Votes are expected in both chambers Thursday.
The nine-month budget was shortened because of the COVID-19 outbreak. When combined with the three-month, nearly $8 billion stop-gap budget that expires Sept. 30, the fiscal year 2021 plan is about 4% bigger than the previous year.
Lawmakers included an income tax increase on those making more than $1 million a year, as well as on businesses making over $1 million.
AP wire services helped contribute to this report.


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