New Jersey lawmakers advance budget hiking taxes on wealthy

PHL17 Morning News
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TRENTON, N.J. (AP) — New Jersey lawmakers advanced a $32.7 billion budget that hikes income taxes on millionaires and businesses. The Democrat-led Assembly and Senate budget committees voted in favor Tuesday of the spending plan, with Republicans in opposition. Votes are expected in both chambers on Thursday. The nine-month budget was shortened because of the COVID-19 outbreak. When combined with the three-month, nearly $8 billion stop-gap budget that expires Sept. 30, the fiscal year 2021 plan is about 4% bigger than the previous year. Lawmakers included an income tax increase on those making more than $1 million a year, as well as on businesses making over $1 million.

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