TRENTON — New Jersey lawmakers passed a $29 billion budget on Thursday night that will increase taxes by almost $1 billion, eliminate property-tax deductions for the wealthiest residents and pare billions from health care, higher education and other programs.
The bulk of the new revenue in the budget, which is $4 billion less than the current budget, will come from a one-year increase in the income tax on people making more than $400,000 a year, or roughly 61,000 residents. Taxes will go up by 12.5 cents per pack on cigarettes, and 25 percent on hard liquor and wine. People who win $10,000 or more in New Jersey’s lottery games will now be taxed.
