Christie’s veto of ‘millionaire’s tax’ will stand
Efforts to override Gov. Christie's veto of the millionaire's tax ended today after Assembly Democrats failed to win enough Republican support for a two-thirds majority.
TRENTON – Efforts to override Gov. Christie's veto of the millionaire's tax ended today after Assembly Democrats failed to win enough Republican support for a two-thirds majority.
The Assembly voted 47-33 along party lines to restore $619 million in cuts to property tax rebates and pharmaceutical assistance for seniors and the disabled. The money would have come from extending a surcharge on taxpayers earning over $1 million.
The outcome, met with applause in Assembly chambers, didn't come as a surprise. Democratic supporters of the millionaire's tax needed 7 GOP votes, but Republican leaders last week made clear that no member of their party would support the override.
The majority party denied the measure was political theater.
Assemblyman Paul Moriarty (D., Gloucester), a sponsor, said Gov. Christie was giving a massive tax break to millionaires and a massive tax hike to seniors. He called on lawmakers to steer New Jersey in a more compassionate direction.
"This is a defining moment," he said. "The people of New Jersey are watching us."
Republican members of the Assembly said true relief would come from instituting a 2.5 percent "hard cap" on annual property tax increases through a constitutional amendment. Assembly Speaker Sheila Oliver has not posted for a vote a resolution to put the proposal on the ballot.
"We're in a situation where there is no more money," said Assembly Minority Leader Alex DeCroce (R., Morris). Democrats, he added, "spent us almost into oblivion."