Two bills aimed at ensuring the Governor’s budget matches its proponents’ calls for “shared sacrifice” among all New Jerseyans while protecting seniors and the disabled from potentially crushing prescription drug costs and higher property taxes were released by the Senate and Budget Appropriations Committee.
The first bill calls for reinstating an income tax surcharge on residents with annual taxable earnings in excess of $1 million – a category that counted roughly 16,000 New Jerseyans among its ranks last year. It is being sponsored by Senate President Stephen M. Sweeney.
A companion measure would dedicate the estimated $637 million in revenues to eliminating Gov. Christie’s plans to force senior citizens and the disabled to pay higher prescription drugs co-pays and deductibles and restoring senior and disabled property tax rebates to last year’s levels. The bill is sponsored by Senator Jim Whelan.
The bills are scheduled for a May 20 floor vote in the Senate.