Political and Legislative

Gov. Murphy will propose tax increase on wealthy

Gov. Phil Murphy will propose raising taxes on New Jersey’s most affluent taxpayers with a surcharge on income over $1 million, sources tell NJ Advance Media.

The increase, which Murphy will propose in his budget address Tuesday, would extend a higher tax rate enacted last year for income over $5 million to income over $1 million, according to sources familiar with the spending plan.

That means the top marginal tax rate of 10.75 percent would kick in on the first dollar over $1 million.

Read the source article at nj.com

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