+1 State Passes a Millionaires Tax

The State: New Jersey

The deal to pass a millionaire’s tax in New Jersey: The blocked millionaires passed after a $500 tax cut for families with income under $150,000

The proposed millionaire’s tax:

• the increase applies to income between $1 million and $5 million
• the tax increase will apply to dollars above $1 million
• the new tax rate above $1 million will be 10.75%, up from 8.97%

New Jersey Business | Murphy, Legislature strike millionaire’s tax deal, source and media reports say