TRENTON – Assembly Majority Leady Lou Greenwald said the Democratic-controlled Legislature is moving forward with a millionaire’s tax, “every penny” of which will fund property tax relief.
The money raised from the tax on incomes over $1 million would go toward funding the state’s Homestead Rebate tax credit program.
Greenwald said following a Democratic caucus this afternoon that the “governor has to decide his manic approach” and his “trickle down” policies have not worked.
Greenwald said both houses of the Legislature support reinstatement of the millionaire’s tax and reiterated that the governor’s opposition is protecting less than one percent of the population, the state’s wealthiest.
Sources said afterward, however, that negotiations are ongoing between the Assembly and the Senate.
Citing today’s joblessness figure that shows New Jersey at 9.2 percent unemployment, Greenwald also said they want to reinstate fully the earned income tax credit.
The millionaire’s tax, according to Greenwald, will generate over $800 million.
He said that they intend to set aside the money into a relief fund where it will sit until revenues rise to the point where they can be used to give residents a tax break.
Greenwald said that $183 million would be set aside into the property tax relief fund, in addition to the millionaire’s tax.
Gov. Chris Christie has been adamant he will not sign a budget that does not include a tax cut, and he will not approve any tax hikes.
