Hundreds of union members, teachers, nurses, immigrant families, and students marched through Jersey City on May 1 for a “Workers Over Billionaires” rally, wrapping up with a program at City Hall. The event was one of many held across the country that day as workers mobilized against what organizers described as authoritarianism and corporate control of American democracy.
Key Takeaways
- Assemblywoman Katie Brennan introduced a super-millionaires tax creating three new income brackets at the $2 million, $5 million, and $10 million thresholds, projected to raise $1.2 billion annually from fewer than 40,000 New Jersey households.
- A second bill by Brennan would force multinational corporations to report offshore subsidiary income on New Jersey state tax returns, closing a loophole projected to generate close to $1 billion in additional annual revenue without raising overall tax rates.
- Nearly 500 demonstrators marched to Goldman Sachs Tower at 30 Hudson Street, demanding the state fully fund the Detention and Deportation Defense Initiative at $20 million and immigrant youth legal representation at $10 million in the 2027 budget.
The Case for Taxing the Wealthy
The rally’s central demand was a structural overhaul of New Jersey’s tax code, with speakers across the podium calling out a system they say protects the wealthy at the expense of working families. Assemblywoman Katie Brennan (D-32) said billionaires and large corporations are rigging the rules, and the state’s own tax laws are helping them do it.
State Senator Raj Mukherji (D-32) told the crowd that New Jersey’s tax structure unfairly rewards wealth over work and that elected officials owe their loyalty to voters, not donors. Mayor James Solomon argued that the same corporations dodging taxes are also polluting rivers and poisoning the air, then passing the cleanup costs onto the public.
Brennan Announces the Super-Millionaires Tax
Brennan unveiled the first of two bills at the rally, a super-millionaires tax that builds on New Jersey’s existing 10.75% income tax rate applied to all earnings above $1 million. The proposal introduces three new brackets targeting the state’s highest earners, with each tier carrying a higher rate and a distinct revenue projection…