Governor Phil Murphy has reached a deal with the leaders of New Jersey's State Legislature to raise taxes on millionaires — a central plank of the platform he campaigned on in 2017 and one of his top priorities since taking office.

Leaders of his own Democratic Party had blocked Murphy’s proposal, saying it would hurt New Jersey's economy and drive the wealthy to leave what's already one of the highest taxed states in the country. But today Murphy announced that a compromise was reached on the millionaires tax that will also include a $500 tax rebate for families that earn less than $150,000 a year.

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