Uncomfortable with a millionaire’s tax and sales tax in this economic environment, state Senate President Steve Sweeney (D-3) today told reporters that he dug up millions in additional revenues requiring new taxes.
“If there’s a shutdown it’s because the Governor wants it and wants to raise taxes on people,” said Sweeney.
He unveiled some basic features of a new counter revenues proposal he says Speaker Craig Coughlin (D-19) also backs:
Shore rental tax:
Realty transfer fees:
“Right there is $360 million,” said Sweeney.
Wall Street bankers loophole.
Sales tax to internet sales and one-time repatriation of dividends.
He added it up.
His tally included some other measures already backed by Murphy.
$889 million – more than enough to close the budget gap.
A full itemization can be found below.
At the Statehouse press conference where he announced his proposals, the Senate President decried the Governor’s so-called compromise release yesterday as too reliant on a millionaire’s tax.
“We brought this forward for one reason: compromise,” Sweeney said. “I’m not for the millionaire’s tax. After Phil Murphy and I were reelected I tweeted support for a millionaire’s tax. What changed the game? Trump’s tax cuts changed the game. We had to hit the breaks. We are losing so many people. You’re paying 15% more in New Jersey than Pa. if you’re a millionaire. I voted for it five times, it’s just not the right time right now.”Reconciliation of S2019