Bloomberg Tax
Jan. 14, 2020, 8:16 PMUpdated: Jan. 14, 2020, 10:31 PM

Murphy `Not Giving Up’ Fight to Tax New Jersey’s Richest (1)

John Herzfeld
John Herzfeld
Staff Correspondent

A millionaire’s tax remains on the agenda of New Jersey Gov. Phil Murphy (D) as he begins his third year in office.

Murphy said in his State of the State address Tuesday that he’s “not giving up the fight” for the tax, which would raise the marginal rate for taxpayers with annual incomes over $1 million to 10.75%, its level in 2009, from the current 8.97%.

Passing it would allow the state to “ease the property tax burden on millions of middle-class families and seniors, and do more to help fund our public schools,” he said.

The proposal has “overwhelming” ...

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