N.J. governor, lawmakers agree to raise tax on millionaires
![N.J.-Gov.-Phil-Murphy](https://s32566.pcdn.co/wp-content/uploads/2020/09/Phil-Murphy_opt-951x634.jpg.optimal.jpg)
Tax rate for those with incomes above $1 million will rise to 10.75% from 8.97%
New Jersey Governor Phil Murphy and Democratic legislative leaders have agreed on a budget deal that will raise taxes on about 35,600 millionaires.
The deal will push the tax rate to 10.75%, from 8.97%, for those with incomes above $1 million. It also includes a maximum $500 tax rebate for about
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