New Jersey Governor Philip Murphy, who in each of his two prior years in the corner office has proposed an additional surcharge on incomes in excess of $1 Million, has done it again. Murphy submitted a $40.9 billion budget to the New Jersey legislature this week, and included some $494 million in new revenue generated by increasing the income tax on incomes over $1 Million from the current 8.97% to 10.75%. The proposed Millionaires Tax comes after Murphy won approval two years ago for his “mega-millionaire tax”, which hit incomes over $5 Million with the higher tax rate of 10.75%. The proposed millionaire’s tax was defeated in each of the past two years because of opposition from Senate President Stephen Sweeney, but the landscape looks to be changing this year. Sweeney has already indicated he would support the new tax in exchange for an additional $1 billion payment to the state pension fund. Despite our opposition here to the notion of punishing success, we hope the Governor’s upcoming surgery for the removal of a likely cancerous tumor on his kidney, which he just announced last week, is a great success and we wish him a speedy recovery.