NJ Democrats Say They’ll Try "Millionaire’s Tax"

New Jersey’s Assembly majority leader says Democratic lawmakers are going to try to pass a tax on earnings over $1 million — even though Republican Gov. Chris Christie has vetoed the concept before.

Majority Leader Lou Greenwald said Thursday that the tax surcharge would generate about $800 million, all of which would be used to pay for property tax credits for senior citizens who make less than $150,000 and other homeowners with incomes under $75,000.

Gov. Chris Christie has vetoed virtually the same plan in the past.

Greenwald also said that Democratic legislative leaders have agreed to present a budget with a separate property tax cut. But he said lawmakers want to hold the cut in escrow until it is clear the state can afford it.

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