The Senate Budget Committee has passed the millionaires’ tax increase bill without debate and along party lines. Every Democrat on the panel voted in favor of the measure. Every Republican voted against it. Governor Chris Christie vows to veto the bill for the third consecutive year.

“Raising New Jersey’s top marginal rate to 10.75 percent would leave New Jersey at a competitive disadvantage with Pennsylvania, New York, Connecticut and Delaware” says New Jersey Business and Industry Association President Phil Kirschner. “We need to create private-sector jobs, and the way you do that is by lowering taxes, not raising them. Legislators should reject this bill when it comes to the floor and focus on providing New Jerseyans with tax relief.”