Tomorrow, the New Jersey State Senate and General Assembly will vote on a bill to restore a one-year income tax surcharge on the 16,000 New Jerseyans with taxable incomes of at least $1 million. Democratic leaders who are pushing the legislation claim the millionaire's tax would raise $637 million and the money could be used to restore property tax rebates for seniors.
Democrats orginally wanted to use a portion of the revenue to also restore funding in the fiscal year 2011 budget to keep deductibles and copayments for Senior Gold and the Pharmaceutical Assistance to the Aged and Disabled (PAAD) at preexisting levels, as well as lower PAAD copayments for generic medicines to $7.
Today, Governor Chris Christie announced plans to restore proposed cuts to prescription plans for New Jersey's seniorand disabled citizens. His budget had proposed adding a new $310 deductible to prescription plans and raising copays for brand-name drugs from $7 to $15.
Christie now says he's found more money due to increased rebate collections from drug manufacturers, more people using generic drugs, and expanded eligibility for enrollment in a Medicare low-income subsidy program. In fact, there's enough money to lower the copay for generic drugs to $5. The Governor also vows to veto the millionaire's tax if it passes.
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I always enjoy your reports BUT what is that incessant background noise suppose to be??? It sounds like a busy airport where announcements are being made by people with gags across their mouths. Is it suppose to be a simulated busy state room or a microphone hanging from the gold dome? I don't get it but you should lose it, its horrible.
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