Sweeney Proposes Surcharge on Businesses Making More Than $1 Mil.

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One of South Jersey's top leaders is suggesting the addition of a surcharge to the state's business tax in response to the recent federal tax overhaul.

Senate President Steve Sweeney says that his plan would impose a three-percent surcharge on businesses making more than $1 million.

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Sweeney says the idea stems from the federal tax overhaul's slashing of the corporate rate from 35-percent to 21-percent.

The Democrat says the legislation would "recapture" some of that "corporate windfall" to fund state programs.

Sweeney expects the proposal could bring in roughly $657 million per year.

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