0.4%

June 26, 2015 | Number of The Day
Amount Democrats’ tax hike would increase taxes on the top 1% of New Jerseyans

Gov. Chris Christie has warned that he’s sharpening his knife to cut the Democrats’ $35.3 billion budget and accompanying tax hike on incomes of more than $1 million. But according to New Jersey Policy Perspective, a liberal-leaning think tank, the tax hike, and an increase in the Earned Income Tax Credit for low-wage earners that the Democrats passed, wouldn’t do all that much for income inequality. The top 1 percent of earners, according to NJPP, will see their taxes increase 0.4 percent, while the bottom 20 percent of income earners will pay 0.3 percent less.