New Jersey lawmakers this week are set to vote on the Democrats’ $30.6 billion fiscal 2012 budget plan while debating a proposed temporary tax increase for residents making $1 million or more to help fund education spending.

The tax-increase initiative — which is a separate measure from the fiscal 2012 budget plan — would boost the tax rate for those earning $1 million or more to 10.75% from 8.97% for the 2011 and 2012 tax years, according to the bill.

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