New Jersey Gov. Phil Murphy plans once again to propose enacting a millionaires tax, according to a person familiar with the matter, likely renewing a simmering dispute with fellow Democratic leaders. The proposal calls for lifting the top marginal tax rate to 10.75% from 8.97% for tax filers earning $1 million or more, this person said. Currently, only tax filers earning $5 million or more pay the 10.75% rate. The proposed millionaires tax, reported earlier by the Record, is estimated to bring in an additional $447 million...

Source: Wall Street Journal March 04, 2019 19:07 UTC