Senate Budget Committee Passes $500 Tax Rebate Legislation Funded By Millionaire’s Tax


The Senate Budget Committee today advanced legislation that would provide $500 tax rebates to approximately 800,000 middle-and-low income New Jersey families.

“Families are struggling with financial challenges and uncertainty at a time of economic upheaval,” said Senator Addiego, who sponsored the legislation. “This will help New Jersey move forward through a time of crisis and provide middle class families additional support with a lasting tax cut. It will put money into the pockets of working families so they can support themselves and their children at the same time it puts money into the economy, helping generate jobs and business activity in communities throughout the state.”

From a Senate Majority Office release:

Under the plan, S-2949, rebates will go to single-parent families with incomes up to $75,000 and to two-parent households earning up to $150,000. An estimated $335 million would be distributed next year, when the program is in place.

The program would be funded by a “millionaires’ tax,” with an increase of less than 2 percent only on income between $1 million and $5 million. The rate would go from 8.97 percent to 10.75 percent, matching the current rate paid on income of over $5 million. The increase is expected to raise about $390 million.

(Visited 23 times, 1 visits today)

One response to “Senate Budget Committee Passes $500 Tax Rebate Legislation Funded By Millionaire’s Tax”

  1. OK, the way I see it, childless couples like us – and not by choice – not only have to pay ridiculously high property taxes to try to educate our neighbors’ little morons, but now we have to give them $500 for doing nothing? Phil Murphy – the new “Divider in Chief” is pitting us and senior citizens against families for perceived political gain. That’s offensive and is basically telling us that we have no worth in NJ society.
    Can’t wait to retire out of this “S***hole Socialist State.”

Leave a Reply

Your email address will not be published.

News From Around the Web

The Political Landscape