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New Jersey Governor to Unveil Tax on Rich.
Byline: Charles Stile
Apr. 28--New Jersey's wealthiest residents will pay higher income taxes so that seniors and middle-class homeowners can enjoy higher rebates, according to a plan that was still being finalized by Governor McGreevey's administration on Tuesday.
The governor, who has been under increasing pressure from his party to tackle the perennial problem of rising property taxes, plans to introduce the "property tax" relief plan in a speech to a special joint session of the Legislature on Thursday.
McGreevey will use the speech to outline a long-term plan to rein in property taxes, which rose 6 percent last year. But the proposal also will call for a short-term plan of raising $800 million through the so-called millionaire's tax and sending it out to seniors and other property tax payers in the form of higher rebate checks.
Among the proposals being considered:
--Raising the income taxes possibly 7 percent or 9 percent on residents who earn $500,000 or higher.
New Jersey's top rate is currently 6.37 percent for all homeowners earning over $75,000. Also being explored is the possibility of a graduated rate above $500,000. One scenario would ...
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