How many taxes does it take to fix New Jersey? According to State Senate President Steve Sweeney, adding a millionaire's tax to the long list of state revenue grabbers might help do the trick. 

(Photo by Jeff Zelevansky/Getty Images)

Sweeney's proposal includes a 10.75 percent rate on income over $1 million and a sunset provision. In theory, the money collected from this tax would be used to support public employee entitlement programs.

Governor Christie is among those opposing the tax, saying it is something that discourages economic growth by driving high earners to leave the state. Another argument against the tax is that people have a right to keep the money they earn, and having to pay more to the government based on their income is unfair.

Supporters of the tax, however, often say millionaires should pay more because they can afford to pay more. And, as Sweeney pointed out, New Jersey has plenty pockets to reach into because it ranks third in the nation for millionaire households per capita, according to tax return data from the Department of Treasury.

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