NJ Republicans Blast Sweeney's Plan To Tax Millionaires
TRENTON, N.J. (CBSNewYork/AP) -- State Senate President Steve Sweeney plans to introduce a tax on millionaires in order to help the state make a nearly $3 billion public pension payment.
Sweeney disclosed his plans during a Tuesday news conference where he also criticized Gov. Chris Christie's economic policies.
He presented few details about the tax proposal, but said he is willing negotiate with the governor, who used his line-item veto to kill a similar proposal last year.
NJ Republicans Blast Sweeney's Millionaires Tax Plan
Senate Minority Leader Tom Kean Jr., R-Union, said the last time the state had a millionaires tax, from 2004-07, it chased $70 billion of wealth out of the state.
"It didn't work well the first time," Kean told WCBS 880's Levon Putney. " ... It was unsustainable for the economy."
Assembly Minority Leader Jon Bramnick, R-Westfield, agreed the proposed tax would be a bad policy.
"What we have to do is start to reform, for example, pension and health benefits," he said.
Bramnick recommends cutting pension and health benefits for new public workers' union members.
Christie has been touring the state to push an overhaul of public pensions. He's proposed making a $1.3 billion payment into the fund, but Democrats want Christie to make the full payment agreed to in 2011.
Sweeney says Christie misled residents about how many millionaires have left the state.
Christie spokesman Kevin Roberts said increasing taxes is "a very confused" way to strengthen the economy.
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