Trump gives NJ Legislature thumbs-up for killing 'millionaire's tax'

Eric Walter
July 01, 2019 - 12:04 pm
President Donald Trump speaks to members of the media before boarding Marine One from the South Lawn of the White House on May 14, 2019 in Washington, DC. Trump is heading to Louisiana.

Sipa USA/USA Today Images

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PHILADELPHIA (KYW Newsradio) — President Donald Trump tweeted a note of congratulations on Monday to New Jersey's legislature for passing a budget that did not include a "millionaire's tax." The proposal from Gov. Phil Murphy would have increased the top marginal rate paid by people who make more than $1 million from 8.97% to 10.75%. 

Murphy said on Twitter Sunday that the tax "would generate more than $500 million of reliable revenue to invest in property tax relief, public school funding, and municipal aid, while strengthening NJ against any economic downturn."

However, the Democrat-controlled Legislature turned it down. 

Trump says the tax would have driven wealthy people from the state.

On Sunday, Murphy signed the $38.7 billion budget without the provision, avoiding a state shutdown.

Related: New Jersey avoids state shut down as Murphy signs $38.7 million budget