(NJ) Democrats reach budget deal that raises taxes on businesses, millionaires

Source: The Star-Ledger

TRENTON — Democratic leaders in the state Legislature have reached agreement on a budget deal that raises taxes on businesses and income above $1 million, The Star-Ledger has learned.

The deal between Senate President Stephen Sweeney and Assembly Speaker Vincent Prieto would raise more than $1.3 billion in new revenue and use that money to make the full payment required by law next year for the state pension system — $2.25 billion, instead of the $681 million Gov. Chris Christie is proposing.

Two Democratic sources with knowledge of the deal confirmed the details on the condition of anonymity, saying they were not authorized to announce them today. A budget draft will get hearings Tuesday in the Assembly and Senate budget committees, with final passage expected on Thursday in both houses, the sources said.

Later in the day, Assemblyman John Burzichelli (D-Gloucester) confirmed the details of the deal but said a few minor kinks remain to be ironed out in budget hearings on Tuesday.

Read more: http://www.nj.com/politics/index.ssf/2014/06/democrats_reach_budget_deal_that_raises_taxes_on_businesses_millionaires.html