New Jersey Announces Millionaire Tax Increase, Middle-Class Rebate

New Jersey Announces Millionaire Tax Increase, Middle-Class Rebate

New Jersey Office of the Governor

New Jersey State Legislature

New Jersey Gov. Phil Murphy (D), Lt. Gov. Sheila Oliver (D), and several members of the State Legislature announced that the revised fiscal 2021 budget will increase the gross income tax rate on annual income between $1 million and $5 million to 10.75 percent per dollar; married couples and individuals with incomes under $150,000 and $75,000, respectively, will also receive a $500 rebate.

New Jersey Gov. Phil Murphy (D), Lt. Gov. Sheila Oliver (D), and several members of the State Legislature announced that the revised fiscal 2021 budget will increase the gross income tax rate on annual income between $1 million and $5 million to 10.75 percent per dollar; married couples and individuals with incomes under $150,000 and $75,000, respectively, will also receive a $500 rebate.

New Jersey Gov. Phil Murphy (D), Lt. Gov. Sheila Oliver (D), and several members of the State Legislature announced that the revised fiscal 2021 budget will increase the gross income tax rate on annual income between $1 million and $5 million to 10.75 percent per dollar; married couples and individuals with incomes under $150,000 and $75,000, respectively, will also receive a $500 rebate. The revised millionaire tax rate is equal to the per-dollar rate for every dollar earned over $5 million and is restored to its previous rate from 2010. The governor released his <a href="/lr/resolve//2cwf3" rel="noopener" target="_blank">proposals</a> for the revised budget in August.

New Jersey Gov. Phil Murphy (D), Lt. Gov. Sheila Oliver (D), and several members of the State Legislature announced that the revised fiscal 2021 budget will increase the gross income tax rate on annual income between $1 million and $5 million to 10.75 percent per dollar; married couples and individuals with incomes under $150,000 and $75,000, respectively, will also receive a $500 rebate. The revised millionaire tax rate is equal to the per-dollar rate for every dollar earned over $5 million and is restored to its previous rate from 2010. The governor released his proposals for the revised budget in August.