NJCPA IssuesWatch Podcast

NJCPA IssuesWatch Podcast


12: Will New Jersey’s Millionaire’s Tax be Expanded?

March 26, 2019

The most contentious issues in Governor Murphy’s proposed budget for New Jersey’s 2019/20 fiscal year is the expansion of the millionaire’s tax. It calls for extending the top 10.75-percent income tax rate to those making more than $1 million. This move is estimated to bring in $475 million. But with both the Senate President and Assembly Speaker opposed to it, does it stand a chance of being implemented? And if it does, will it drive high-income New Jerseyans out of the state? Hear an analysis from Richard Keevey, distinguished executive in residence at the Rutgers School of Planning and Public Policy and a lecturer at Princeton University, and Dale Florio of Princeton Public Affairs Group.


In other news: Bill to help pass-through business owners passes Assembly Committee | Bill to shorten malpractice filing period passes Assembly Judiciary Committee | Governor signs bill that forbids arbitration agreements in employee contracts