Treasurer says Millionaire’s tax a non-starter

State Treasurer Andrew Sidamon-Eristoff Friday told New Jersey Chamber of Commerce members that the millionaire’s tax proposed by Democrats will not receive the governor’s signature.

The treasurer called the tax “an excellent strategy for losing jobs and talent.”

The current tax rate for the state’s highest earners is 8.97 percent.  A bill proposed last week by Assemblyman John McKeon would boost that rate to $10.75 percent.

A similar measure passed last year in both houses of the Legislature, but was promptly vetoed by Gov. Chris Christie.  An attempt by Assembly Democrats to override the veto was unsuccessful.

The so-called millionaire’s tax, which raised the tax rate on those earning more than $400,000, had been in place until last year, when Democrats allowed it to expire during the final months of the administration Jon Corzine.

Christie has said repeatedly that a tax on the state’s highest earners has driven wealth from the state.

Treasurer says Millionaire’s tax a non-starter