Democrat,

When I first began my campaign for Governor, one of the key planks in our plan to make New Jersey stronger and fairer was to bring tax fairness to our state by instituting a millionaires tax. We never gave up, and today I announced an agreement with Senate President Sweeney, Speaker Coughlin, Assembly Budget Chair Pintor Marin, and Senate Budget Chair Sarlo to finally meet this goal and ensure that the highest earners in our state will soon be paying their fair share in taxes. 

As I noted in my budget address just three weeks ago, we do not hold any grudge against those who have been successful in life. But, in this unprecedented time, when so many middle-class families and others have sacrificed a great deal, now is the time to ensure that the wealthiest among us do their part and simply pay their fair share -- literally pennies on the top dollar earned. Frankly, that is a modest ask.

But, the impact is anything but modest. The revenues generated through the millionaires tax will allow us to do more for our schools, our communities, and our property taxpayers. It will allow us to undo years of tax inequities – inequities that have led to the point where many middle-class and lower-income families actually pay a larger percentage of their incomes in taxes than millionaires.

Of course, Republicans in Trenton are already railing against this most basic form of tax fairness and trotting out the same discredited talking points that have been used for decades to coddle the rich at the expense of everyone else. Trenton Republicans are showing where they stand, which is with the richest 1% of our population, those who have prospered while the wealth gap between them and the middle-class and working families has continued to increase every year. Frankly, it’s hardly a surprise. It’s clearer than ever that the party of Chris Christie will always defend the most powerful and put the burden on the middle class and those working hard to get there.

By moving forward with the millionaires tax, we are also showing everyone where we stand -- for finally taking long overdue steps to build an economy that works for everyone in our state, not just those at the top or those with political connections. 

I especially want to thank Senate President Steve Sweeney and Assembly Speaker Craig Coughlin for their continued partnership as New Jersey faces truly historic challenges. Together we have taken the bold steps necessary to deal with the crisis of today and to be better prepared for the challenges of tomorrow. It has been a long road to get to this moment, but I have never lost faith that with the support of grassroots advocates calling for change, we would get there together.

Thank you, 

Governor Phil Murphy