Sources: Murphy would Compromise on a $2.5 Million Threshold for Millionaire’s Tax

TRENTON – Governor Phil Murphy would move to a threshold of $2.5 million on the millionaire’s tax, three sources told InsiderNJ.

He orginally wanted $1 million.

Senate President Steve Sweeney said he’d do $5 million.

Now the triumvirate of Murphy, Sweeney and Speaker Craig Coughlin huddled inside at 225 West State Street.

With everything else being equal (including CBT at 2 percent and a four-year sunset), Murphy would take $2.5 million, sources said, which would leave them all with a hole in the proposed $35.6 billion budget of about $175 million.


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