NEW JERSEY - New Jersey Democrat lawmakers came to a deal with their governor last night - agreeing to raise state income tax rate for those making $1 million a year and more to 10.75%. Calling it the "Millionaire's Tax," New Jersey lawmakers say because of the budget deficit aggravated by dramatic dips in revenue attributed to COVID pandemic, there's a serious need for more taxpayers to carry the load.

"The new income tax — part of a $32.4 billion spending plan that [New Jersey] lawmakers are set to approve by the end of the month — will increase the number of people who pay the state’s top marginal rate of 10.75% by extending it to those who earn between $1 million and $5 million a year," the New York Post writes.

Those New Jersey taxpayers making $5 million and more now pay 8.97%, while anyone earning more than $5 million already pays the higher rate.