TAX NEWS - June 2010

New Jersey Tax: Assembly Democrats planning to push the millionaires tax

With Assembly Democrats planning to push the millionaires tax issue one last time on Monday, the lower house's number two ranking Republican said today they will not win over a single Republican vote to override Gov. Chris Christie's veto of the tax last month.

"Those who are looking for drama on Monday will be greatly disappointed," said Assembly Republican Conference Leader Jon Bramnick (R-Union). "There is no Assembly Republican support for this tax increase."

The bill would raise taxes on the 16,000 households earning over $1 million, bringing an estimated $600 million to state coffers. Democrats will also seek to override Christie's veto on a companion bill that would dedicate the money to senior property tax rebates that are cut in the proposed budget.

Democrats need a two-thirds majority in both houses to override the veto, which means they would need to pick off four Republicans in the Senate and seven in the Assembly, all of whom voted no on the millionaires tax last month.

"Assembly Republicans stand firm with Gov. Christie in their opposition to raising taxes - period. We have made it very clear that we will not return to the failed tax and spend policies Democrats have implemented for the past eight years," said Bramnick.