TRENTON, NJ - Late Saturday afternoon New Jersey hat lawmakers reached a budget agreement avoiding a government shutdown.
The deal, after weeks of acrimony includes the following:
- 10.75% on a $5 million income threshold millionaire’s tax; a “mega millionaire’s” tax.
- 2.5% hike on the state’s corporate business tax (CBT) for a four year-period.
- The sales tax is dead.
Everyone is taking credit. The three Democratic leaders appeared together on Saturday evening at 225 West State Street, the Governor’s makeshift headquarters.
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