Assembly Deputy Speaker pushes for millionaire’s tax

Assembly Deputy Speaker John F. McKeon, (D-27), of Essex on Monday morning called for the enactment of a millionaire’s tax.

On the heels of Gov. Christie’s longstanding opposition to such a measure, McKeon renewed the Democrats’ call for what he termed true “shared sacrifice.”

Touching on one of the most contentious issues between the parties, McKeon said in a release, “The proposed budget once again highlights the governor’s misguided budget priorities.

“Last year,” McKeon said, “middle-class families, seniors and the disabled saw their direct property tax relief delayed by nine months and cut by 75 percent. This year, he wants to give them only half what they received in 2009 – or as he calls it: ‘doubling property tax relief.’”

Calling such a tax a fair way to generate revenue, McKeon stated, “A fee of about 1.7 cents on the dollar would be paid by an estimated 18,000 New Jersey taxpayers and would only be assessed on annual income exceeding $1 million. The result would be a restoration of more than $600 million out of a $10.5 billion structural deficit.”

Assembly Deputy Speaker pushes for millionaire’s tax