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NJ Tax Stop: New Millionaires' Tax May Spur High Earners' Exit

Law360 (May 15, 2019, 2:54 PM EDT) -- On March 5, 2019, the New Jersey governor’s fiscal year 2020 budget was released.[1] Since then, Gov. Phil Murphy has been actively promoting his budget proposal, particularly on lowering the threshold for the 10.75% millionaires' tax from $5 million income to $1 million — the new millionaires' tax.

Most recently, on May 6, 2019, at a town hall meeting at an Ewing, New Jersey, firehouse, Gov. Murphy stated that the increase in tax revenue from the original millionaires' tax was a “pleasant surprise” and he seeks to use it to “sweeten[] the pot” on his new millionaires' tax proposal by substantially increasing...

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