TRENTON – As predicted, the millionaire’s tax (A3201) was passed by the Assembly, but along party lines.
Democrats approved bill, and Republicans voted against it.
The vote was 46-31.
Assemblyman Anthony Bucco called it a bad horror movie, saying that “high progressive tax rates dis-incentivize career advancement.”
“Our number one focus should be job jobs jobs,” said Republican Assemblyman Gary Chiusano of Augusta. “This will turn back the clock.”
Assembly Minority Leader Jon Bramnick said the bill will help “fill the seats on the airline” to Florida, as New Jersey residents will be bound for that low-tax state.
No Democrats spoke about the bill.
The tax would increase the state income tax rate for millionaires from 8.97 percent to 10.25 percent.
Gov. Chris Christie will likely veto the bill.