Sneaky Murphy trying to change the deal

The Democrats leading the legislature in Trenton are learning first hand how devious bankers are and that a “done deal” really isn’t until the paperwork is signed.

In his deal made with Senate President Steve Sweeney and Assembly Speaker Craig Coughlin yesterday evening, Governor Murphy agreed to raise the threshold for the so called millionaire tax to $5 million from the $1 million he originally proposed. That was to have meant that fortunate taxpayers would pay 10.75% of their income over $5 million to the Soprano State of New Jersey.

According to a sleep deprived source in Trenton, the fine print Murphy presented the legislature today set the millionaires tax to be triggered at $5 million, but for the 10.75% to be applied on the taxable income over $1 million. Sweeney and Coughlin made a deal that would require a wealthy taxpayer with $6 million in taxable income to pay New Jersey $107,500 in tax on the million earned above the threshold. The legislation Murphy presented would require that taxpayer to pay $537,500.

That extra $430,000 would make a nice down payment on a waterfront property on the Intercoastal waterway in Boca or on a golf course in Naples.

Rich people problems.