N.J. Millionaires Tax Plan Fails

TRENTON, N.J. - Democrats in the New Jersey Assembly have failed to override the Republican governor's veto of a tax surcharge on millionaires.

Monday's vote was strictly along party lines. All 47 Assembly Democrats voted for the override and all 33 Republicans voted against it. The measure needed seven GOP votes to advance.

The one-year surcharge would have raised about $600 million by increasing income taxes nearly two percent on the state's 16,000 highest wage earners.

It would have put the top earners into a 10.75 percent tax rate on income above $1 million.

Gov. Chris Christie vetoed the tax last month after the Legislature passed it along party lines.  The governor vetoed the tax because it would deter hiring, Christie spokesman Michael Drewniak said.

Democrats did not plan on using the money to close a huge budget shortfall.  The plan was to use the money to restore property tax rebates to 600,000 senior citizens and the disabled.  They also wanted to put Republicans on the record for voting against the proposal.