(Edwin J. Torres/Governor’s Office)TRENTON, N.J. - New Jersey residents earning more than $1 million a year will face higher income taxes, and about 800,000 lower- and middle-income families will get a $500 tax rebate, under a deal Gov.
Phil Murphy and legislative leaders announced Thursday. Murphy, a Democrat, announced the deal alongside Assembly Speaker Craig Coughlin, Senate President Steve Sweeney and Lt.
Gov. Sheila Oliver. For Murphy, the agreement fulfills a core campaign promise of raising taxes on the wealthy. MORE: NEW JERSEYThe rebate would go to single people with at least one child and earning up to $75,000 and to families making up to $150,000, Murphy said.