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NJ Democrats Say They’ll Try “Millionaire’s Tax”

New Jersey’s Assembly majority leader says Democratic lawmakers are going to try to pass a tax on earnings over $1 million — even though Republican Gov. Chris Christie has vetoed the concept before.

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Majority Leader Lou Greenwald said Thursday that the tax surcharge would generate about $800 million, all of which would be used to pay for property tax credits for senior citizens who make less than $150,000 and other homeowners with incomes under $75,000.

Gov. Chris Christie has vetoed virtually the same plan in the past.

Greenwald also said that Democratic legislative leaders have agreed to present a budget with a separate property tax cut. But he said lawmakers want to hold the cut in escrow until it is clear the state can afford it.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)

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