In his State of the State Address this week, New Jersey Governor Phil Murphy announced he is doubling down and will renew his push for a Millionaires Tax in the Garden State. Murphy claims a new millionaires tax would ease the property tax burden “on millions of middle-class families and seniors, and do more to help fund our public schools. He campaigned on the idea of an extra tax on millionaires when he succeeded former Governor Christie in 2018. Last year, he pushed hard to raise the income tax on $1 million from 8.97% to 10.75%, but could not budge Senate President Stephen Sweeney, who opposes the tax and favors removing a cap on property tax increases as a vehicle to bolster school district budgets. In each of the 2 years he’s been in the corner office in Trenton, lawmakers have blocked the millionaire tax, but Murphy has succeeded in hiking the state minimum wage, mandating paid sick leave for employees and implementing an increased tax on incomes over $5 million. In other New Jersey news, the legislature last week passed the so-called Toys R Us bill which, if signed into law by Murphy, would require companies that lay off more than 50 workers in New Jersey to pay severance and extend the employee notice period from the current 60 days to 90 days. The legislation, named after the giant toy store that closed its 740 US stores in bankruptcy back in September 2018, would be the first of its kind in the country.