TAX NEWS - JUNE 2010
Millionaires Tax: N.J. Democrats are skeptical about Sweeney's plan to override Christie's millionaires tax veto
But Democrats are skeptical of a push by Sweeney (D-Gloucester) to override Christie's veto, which would require some Republicans to switch their votes and back the legislation.
"I don't know what the exercise will actually accomplish," said Sen. Paul Sarlo (D-Bergen), whose sentiments were echoed by other top Democrats today.
The so-called millionaires tax would temporarily increase the income tax rate from 8.97 percent to 10.75 percent on about 16,000 residents earning at least $1 million a year. Democrats want to use that extra revenue to restore property tax rebates and some programs for seniors and those with disabilities.
The Senate and Assembly approved the legislation by party-line votes on March 20. Then Sweeney personally delivered it to Christie's office, where the governor fulfilled his promise with a swift veto.
The millionaires tax has been a top priority for Democrats as the two parties negotiate the state budget. But last week Christie said the "issue is over," and today some Democrats agreed. Sen Nicholas Scutari (D-Union) said their point has already been made.
"(Christie) sided with multimillionaires over seniors," he said. "I think we've already gone down that road, haven't we?"
An override would require the votes of two-thirds of the members of both houses. That means four Republicans in the Senate and seven in the Assembly would have to cross over.
Sweeney said some Republicans want to vote for the bills despite Christie's efforts to maintain party unity.
"It's worth a shot," Sweeney said. "Seniors and the disabled are worth fighting for."
Sen. Jim Whelan (D-Atlantic) agreed with Sweeney.
"It's a bit of a long shot. But it's worth the effort," he said. "Hopefully some people will see the light."
But other Democrats called an override nearly impossible.
"We all know it's not going to pass. There's not going to be any change," Sen. Richard Codey (D-Essex) said. "If one Republican peels off, we'll have to put him in a witness-protection program."
Assembly Speaker Sheila Oliver (D-Essex) said her caucus has not agreed on an override.
Assembly Majority Leader Joseph Cryan (D-Union) added Democrats need to keep pushing the issue.
"Republicans should get another chance to rethink their mistakes on this vote," he said. "We should give them that opportunity."
Republican leaders of both houses said there's no chance of their party supporting an override.
"We can no longer afford to raise taxes on the people of New Jersey," said Sen. Tom Kean (R-Union). "It's a failed policy of the past."
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