New Jersey governor, lawmakers strike deal to hike taxes on state's millionaires
New Jersey Gov. Phil Murphy on Thursday announced a new deal with fellow Democrats to hike taxes on the state's wealthiest individuals and couple that with a one-time tax rebate for lower-income households.
Under the plan, the state's gross income tax rate on individuals earning between $1 million and $5 million would increase from 8.97% to 10.75%. Wages over $5 million are already taxed at the top marginal rate of 10.75%. Someone earning $4 million would pay roughly $71,200 more in taxes each year, while someone making $1 million would see an increase of about $17,800 per year.
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