NJ gov to be sent millionaires tax bill again

TRENTON, N.J. - June 25, 2012

The Democrat-backed plan raises the income tax rate by nearly 2 percentage points on the state's 16,000 richest taxpayers. Only income over $1 million would be taxed at the higher rate, 10.75 percent.

Separate legislation appropriates the $789 million in additional revenue to Homestead rebates, the tax relief program for low-income property owners, disabled residents and the elderly.

Republican Gov. Chris Christie has vetoed a millionaires tax twice before and promises to do so again.

GOP Assemblyman Jay Webber called the Democrats' one-trick ponies for trying to enact the tax again. But Assembly Budget Committee chairman Vincent Prieto says Democrats are thoroughbreds looking out for the middle-class.

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