TRENTON – In a break in the action on the floor of the Senate, Senate President Steve Sweeney (D-West Deptford) tells PolitickerNJ.com that a projected income revenue shortfall wouldn’t impact today’s millionaires’ tax vote.
“Not at all,” said Sweeney. “We anticipated that. Either the commissioner was intentionally misleading or all of a sudden his numbers have doubled. But the main thing is the governor recognized the need to fund PAAD and Senior Gold. We have one bill planned and that’s the millionaire’s tax bill, and we’re going to move ahead with that.”
Sweeney said he estimates the state needs just under $600 million to give seniors across the board, impactful property tax relief.
He described the $55.5 million restoration from the governor for PAAD and Senior gold as “padding” to add to the senior relief money that would be generated by the increased income tax on the wealthy.