Gov. Daniel J. McKee and his chief rival in the Democratic gubernatorial primary, Helena Buonanno Foulkes, have both proposed a so-called millionaires tax.
McKee unveiled his first, a 3% surtax on income over $1 million, which the administration projects would bring in $67.1 million in fiscal year 2027 and $135.5 million in fiscal year 2028.
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The change would affect approximately 2,300 resident filers and 5,500 nonresident filers, according to the governor.
Foulkes followed with a similar plan, though hers would create a revolving fund to finance the building 20,000 new affordable homes.
Her proposal also includes a constitutional amendment to ensure the revenue generated is dedicated solely to housing initiatives to prevent future misallocation of funds.
