STATE DEMS: TAX WEALTHY TO PAY FOR REBATES, PRESCRIPTIONS

Leading democrats in the state of New Jersey have unveiled a new plan to tax the wealthy in order to pay for tax rebates for seniors, and to pay for prescription drug benefits.  Senate President Steve Sweeney announced that the democratic party wants to tax all New Jersey residents who make more than $1 million annually to fund these two programs; the tax hike would impact about 16,000 New Jersey residents.  This tax increase would generate about $620 million for the state of New Jersey, and goes against republican Governor Chris Christie’s plan of no tax increases for 2010.