New Jersey Lawmakers to Attempt to Override Governor's Veto of Millionaire's Tax

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On Monday, New Jersey Democrats will attempt to override Governor Christie’s veto of a bill that would have temporarily restored New Jersey’s millionaire’s tax, an income tax surcharge on the state’s wealthiest residents who make up less than half of one percent of the state’s taxpayers. 

As promised, Governor Christie vetoed the millionaire’s tax moments after it was approved last month, sticking to his vow to veto any tax increase that was sent to his desk.  Supporters of the millionaire’s tax want to use the $637 million it would raise to fund property tax rebates for older adults and disabled residents that were cut from Christie’s $29.3 billion budget proposal.

The Democrats probably won't secure enough votes to override the veto, but a poll released this week from the Quinnipiac University Polling Institute shows their constituents have their backs.  According to the poll, 61 percent of New Jerseyans think Governor Christie should have approved the millionaire’s tax.

As we wrote earlier in the spring, there is glaring hypocrisy in Christie using his anti-tax pledge to justify his veto of the millionaire’s tax.  While Christie has no appetite for tax increases on the wealthiest New Jerseyans, he continues to support a reduction in the Earned Income Tax Credit (EITC) for hard-working low-income taxpayers (which amounts to a tax increase) and increases in fees in addition to his proposed suspension of property tax rebates for older adults and the disabled.  And, his more than $1.2 billion cuts in aid to local governments and school districts will more than likely force local leaders to increase property taxes — the very taxes he claims he wants to “control”.  

Assemblyman Gordon Johnson said it best recently: "New Jerseyans are going to need a thesaurus to decipher all the ways Governor Christie’s administration is trying to insist their budget plan doesn’t increase taxes on senior citizens and working-class New Jerseyans.  Call them what they may, this budget would mean this simple fact — senior citizens, the middle class and the poor are about to pay significantly more while the wealthy enjoy a nice tax cut."

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