Sweeney proposes tax hike on income over $1 million

Senate President Steve Sweeney has introduced a bill raising taxes on residents earning more than a $1 million. He is also calling for increasing the state's earned income tax credit, which usually

News 12 Staff

May 8, 2015, 3:36 PM

Updated 3,299 days ago

Share:

Sweeney proposes tax hike on income over $1 million
Senate President Steve Sweeney has introduced a bill raising taxes on residents earning more than a $1 million.
He is also calling for increasing the state's earned income tax credit, which usually helps lower-income residents.
Sweeney announced his plans Thursday. He says the revenue from the taxes will help New Jersey meet financial obligations.
Lawmakers are considering Gov. Chris Christie's $33.8 billion budget proposal. Christie says he would oppose any income tax hikes.
Sweeney proposes increasing the tax rate on income over $1 million from 8.97 percent to 10.75 percent through 2018.
The tax hike would generate $675 million in fiscal 2016.
The earned income tax credit rate would rise to 25 percent of the federal credit, up from 20 percent.

That change would cost about $60 million a year.


More from News 12
2:15
Route 71 bridge in Monmouth County remains closed as Memorial Day weekend approaches

Route 71 bridge in Monmouth County remains closed as Memorial Day weekend approaches

1:55
Mostly sunny skies today in New Jersey ahead of major midweek warmup

Mostly sunny skies today in New Jersey ahead of major midweek warmup

1:41
New Jersey joins Click it or Ticket seat belt campaign. Here's what you should know.

New Jersey joins Click it or Ticket seat belt campaign. Here's what you should know.

0:38
Police: Manchester Township driver ejected from motorized bike following crash into SUV

Police: Manchester Township driver ejected from motorized bike following crash into SUV

Red Lobster seeks bankruptcy protection days after closing dozens of restaurants

Red Lobster seeks bankruptcy protection days after closing dozens of restaurants

2:31
Made In New Jersey: Buy or make your own candles at Brighter Days in Marlboro

Made In New Jersey: Buy or make your own candles at Brighter Days in Marlboro

0:23
Dead dolphin washes ashore in Long Branch

Dead dolphin washes ashore in Long Branch

0:16
Police: Driver killed in Jefferson Township car crash on Route 15

Police: Driver killed in Jefferson Township car crash on Route 15

2:11
Turn to Tara: FEMA initiative aims to improve safety of seniors during natural disasters

Turn to Tara: FEMA initiative aims to improve safety of seniors during natural disasters

0:27
Pacers set NBA playoff shooting mark, top Knicks 130-109 in Game 7 to make Eastern Conference finals

Pacers set NBA playoff shooting mark, top Knicks 130-109 in Game 7 to make Eastern Conference finals

1:52
Prosecution gears up for week 2 of Sen. Bob Menendez’s bribery trial

Prosecution gears up for week 2 of Sen. Bob Menendez’s bribery trial

Your New Jersey Graduation Photos

Your New Jersey Graduation Photos

2:41
Lantern ceremony in Montclair honors Asian community who faced violence and injustice

Lantern ceremony in Montclair honors Asian community who faced violence and injustice

1:53
Tour de Elizabeth takes cyclists through New Jersey's fourth-largest city

Tour de Elizabeth takes cyclists through New Jersey's fourth-largest city

0:30
Coast Guard boards anchored shipping vessel in Manasquan; no violations

Coast Guard boards anchored shipping vessel in Manasquan; no violations

0:23
Police: Haddonfield man faces charges for arson, stalking and vandalism

Police: Haddonfield man faces charges for arson, stalking and vandalism

0:17
Authorities: George Washington Bridge climber in custody

Authorities: George Washington Bridge climber in custody

1:42
Jersey Creators Market event in Jersey City brings street designers from all over Garden State

Jersey Creators Market event in Jersey City brings street designers from all over Garden State

1:45
 Missed swim lessons due to COVID-19 may be contributing to rise in child drownings

Missed swim lessons due to COVID-19 may be contributing to rise in child drownings

1:40
Red Bank's Broad Walk summer festival returns to downtown

Red Bank's Broad Walk summer festival returns to downtown