Top NJ Lawmaker Proposes Raising Business Tax Rates
A top New Jersey lawmaker says he wants to raise the state’s corporate business tax in response to the federal tax overhaul.
Senate President Steve Sweeney said at a news conference his plan would impose “surcharge” on businesses making over $1 million.
The change would effectively raise the rate from 9 percent to 12 percent for those companies.
He’s calling for using the proceeds for education spending.
Sweeney, a Democrat, says corporations got a “windfall” from the federal tax overhaul and his idea “recaptures” some of that.
Sweeney says the proposal could bring in roughly $657 million. That’s higher than an estimated $600 million expected from a tax hike on millionaires that Democratic Gov. Phil Murphy favors.
Murphy said he doesn’t see the new proposal as an alternative.
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