Christie warns that millionaire’s tax will hurt other taxpayers

HAMILTON – Gov. Christie has a message for taxpayers about what the Democratic-led Legislature will do if the millionaire’s tax passes.

“They’re coming after you to get the rest of it,” he said at a town hall meeting Tuesday at Grounds for Sculpture.

He said if the millionaire’s tax, or more appropriately surtax, is passed and is used toward paying the $1.6 billion that may be owed to special needs school districts, Christie said it would only raise about $600 million, maximum. They would still need to find $1 billion.

How would they find the remaining money? By hiking other taxes, according to the governor.

He said they could possibly call for hiking the sales tax from 7 percent to 9 percent, and hiking the income tax to 15 percent for all income earners.  

The proposal in this legislative session calls for increasing the tax by about 2 percent to 10.75 percent.

While Democrats emphasize the need to have a millionaire’s tax already, Christie pointed out that it already exists.

Under former Gov. James McGreevey, the millionaire’s tax was passed and it was imposed on those earning more than $400,000, Christie said.

“That’s called McGreevey Math,” he said.

He said 50 percent of the filers who had to pay for the millionaire’s tax were small businesses, which are the prime job creators in the economy, he said. 

Christie warns that millionaire’s tax will hurt other taxpayers