New Jersey Governor Phil Murphy and Democrat legislative leaders have agreed on a budget deal that will raise taxes on about 35,600 millionaires.

The deal will push the tax rate to 10.75%, from 8.97%, for those with incomes above $1 million. It also includes a maximum $500 tax rebate for about 800,000 households, those with at least one child and income below $150,000, Murphy and lawmakers announced today at a press conference.

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“We do not hold any grudge at all against those who have been successful in life,” Murphy said. But “now is the time,” with families suffering job losses, to ask for more from high earners, he said.

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