TRENTON – A bill sponsored by Senators Raymond J. Lesniak, Donald Norcross and Linda Greenstein which would expand the income tax rate for earnings in excess of $1 million a year in order to fund income tax relief for seniors on fixed incomes and fully fund suburban schools under the State school funding formula was approved by the Senate today by a vote of 24-15.
“Governor Christie has continually spoken about the need for shared sacrifice in the contexts of his budget, and this bill would force him to practice what he preaches,” said Senator Lesniak, D-Union. “Through this legislation, we’re asking New Jerseyans with the most to contribute a little more to provide needed tax relief for retired seniors and to fully fund our schools. This bill epitomizes the notion of shared sacrifice, and will ensure seniors can continue to live in the Garden State and that students have access to an adequately funded education.”