millionaries tax

As New Jersey's deadline approaches to have a balanced budget in place, a showdown is brewing between Democrats and Republicans.

Despite April revenues that are lower than projected from the state, the head of State Senate Democrats says he's continuing on a path to a tax cut plan, and he's not agreeing to a millionaire's tax  hike to fund it.  Senate President Steve Sweeney says he's not going to rule out a tax cut until he gets all the numbers.

The latest state revenue figures which show collections for April are $230 million below what Governor Chris Christie's administration had projected. Assembly democrats are pouncing on the bad news and saying it proves their call for a millionaires tax increases makes sense now more than ever.