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Percentage of households: 6.69%
Millionaire households: 212,396
Total households: 3,175,894
Percentage in 2009: 6.15%
Millionaire households: 197,694
So much for all the millionaires fleeing New Jersey because of taxes. These totals increased all over. Congrats welcome.
this is because "millionaires" is defined by net worth. the stock market crashed, the stock market recovered quite a bit....people's net worths are increasing again.
because it's easier to raise the tax on a smaller group of people than a larger one.
it also has to do with bringing in more money because though it's 6% of bodies, it's far more than 6% of the people of NJ's income share. not saying it's right...but that's just simple math.
Net wealth dropped with the stock market and is recovering with it.
Most people near the million mark are middle-age or near retirement upper-middle-class folk saving for retirement, they keep their money for the most part in the stock market, bonds, and houses. The stock market doubling from where it was a couple years ago is going to shove a lot of people (back) over the million mark.
That effect is easily going to overwhelm anything else going on right now.
edit: with the household inflation rate (as opposed to the laughable official one, which ignores food and energy and thus is only tangentially related to how people live) running so high, and QE2 inflating asset values, a lot of those gains are going to reflect nominal paper values but not real wealth.
So how is the answer always "Tax the millionaires!" if they only make up 6% of households?
Because raising taxes 1% on someone making 250k brings in $2500 additional dollars. Raising taxes 1% on someone making 50k brings in $500 additional dollars. And the millionaires are the ones who can afford it.
I like what Christie is doing, but the wealthy should be getting taxed more then they do, both on a state and national level, imo.
Lol, the millionaires tax expired so more millionaires stayed in the state. Surprise!
So 15,000 millionaires moved back into the state because the state income tax dropped 1% to the original level. Wouldn't it cost more to move, then move back because they saved a grand total of 1%. I don't think they are fleeing in droves to save a measely 1 %. My OP was entered because some people were saying that millionaires are fleeing because they are being taxed to much. I'm playing devils advocate here to the people that are saying that the millionaires are fleeing because their taxes r to high.
Because raising taxes 1% on someone making 250k brings in $2500 additional dollars. Raising taxes 1% on someone making 50k brings in $500 additional dollars. And the millionaires are the ones who can afford it.
I like what Christie is doing, but the wealthy should be getting taxed more then they do, both on a state and national level, imo.
$250k is too low in NJ thought. It should be raised to $500k
So 15,000 millionaires moved back into the state because the state income tax dropped 1% to the original level. Wouldn't it cost more to move, then move back because they saved a grand total of 1%. I don't think they are fleeing in droves to save a measely 1 %. My OP was entered because some people were saying that millionaires are fleeing because they are being taxed to much. I'm playing devils advocate here to the people that are saying that the millionaires are fleeing because their taxes r to high.
Nooooo, 15,000 did not leave. Peoples wealth actually increase over time. As people saw their wealth declining they left for states with lower tax rates. Since NJ became less onerous, millionaires saw less of a reason to leave.
Last edited by shorebaby; 05-03-2011 at 09:22 PM..
There should be distinct levels for $250K, $500K, $1M, $2M, $3M, $5M, and $10M+
I agree. To lump everyone who makes over 250k in the same category is crazy. 250k and 2 million are on completely different stratospheres. Both are doing well for themselves, but a clear difference exists
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I don't think they are fleeing in droves to save a measely 1 %. My OP was entered because some people were saying that millionaires are fleeing because they are being taxed to much. I'm playing devils advocate here to the people that are saying that the millionaires are fleeing because their taxes r to high.
