TRENTON – Senate President Steve Sweeney said today he is not considering the idea of reinstating a millionaire’s tax this coming fiscal year as a way to help pay for other tax cuts.
“The Senate president’s support for the millionaire’s tax, which he twice sponsored, is unquestionable,” said spokesman Chris Donnelly.
“He does not, however, support it as part of his plan to cut taxes,” Donnelly said.
There are three plans being floated to cut taxes for fiscal year 2013, one of which, the Assembly Democrats’ plan, would reinstate the millionaire’s tax that died under the Corzine administration.
The Senate Democrats are proposing a plan that would cut property taxes by 10 percent for those earning less than $250,000 a year.
And the Christie administration’s plan is an across-the-board 10 percent income tax cut phased in over three years.
But with revenues coming up short, some Democratic lawmakers are questioning whether the state can afford to reduce taxes, but Christie has maintained his commitment that he will not sign a budget that includes a millionaire’s tax.