New Jersey targets rich with tax hike

New Jersey is raising taxes on those who earn more than $1 million per year and turning the money over to the poorest citizens hit by the coronavirus pandemic.

Gov. Philip murphy, a democrat, announced he has struck a deal with the state legislature, which is also under democratic control, to increase the income tax rate on residents with a salary of over $1 million from 8.97 per cent to 10.75 per cent.

The deal would also give a $500 rebate to households earning less than $150,000 per year.

“We do not hold any grudge at all against those who have been successful in life,” said murphy.

“but in this unprecedented time, when so many middle-class families and others have sacrificed so much, now is the time to ensure that the wealthiest among us are also called to sacrifice.”