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It raises the progressive state income tax rate on incomes $1 -5 million.
At the same time it gives a $500 rebate to those with incomes less than $150,000 and at least one child. No idea why it excludes those without children.
Governor ran and won on the intention of increasing state taxes on millionaires, after former Governor Christie vetoed increases at least 5x. This is the same Christie who ran for the Republican nomination on a platform to eliminate the cap on Social Security payroll taxes To ensure the solvency of the trust fund.
Despite the noise, most high income earners do not migrate to states with lower taxes. Those with school age children would likely pay more in private school tuitions in say Florida for comparable schools in NJ communities that attract and retain high income earners.
1. How many people making >1mil a year have their kids in NJ public schools?
2. I think you might want to re-think your position that taxation doesn't have an impact and note my source is mainstream media.
Francois Hollande did the same thing in France, & 42,000 of France's wealthiest citizens fled (between 2000-2014). They took their wealth, their company's, and their jobs with them...and never returned. France is still trying to recover.
The same will happen in New Jersey...it's already underway. They are fleeing NJ, NY, MA, CT, IL, CA and being replaced by uneducated, & poor immigrants.
In a related story, 43% of Manhattanites considered leaving in the past 12 months says a recent study.
Moving companies are reporting record outflows from the Northeastern states, so its not just New Jersey.
I live in Florida, and the number of NJ car tags I see has exploded in the past 3 years.
Francois Hollande did the same thing in France, & 42,000 of France's wealthiest citizens fled (between 2000-2014). They took their wealth, their company's, and their jobs with them...and never returned. France is still trying to recover.
The same will happen in New Jersey...it's already underway. They are fleeing NJ, NY, MA, CT, IL, CA and being replaced by uneducated, & poor immigrants.
In a related story, 43% of Manhattanites considered leaving in the past 12 months says a recent study.
Moving companies are reporting record outflows from the Northeastern states, so its not just New Jersey.
I live in Florida, and the number of NJ car tags I see has exploded in the past 3 years.
Ignoring the only one who could have saved France long ago,
Those poor millionaires.
Here’s the world smallest violin.
They are the people that provide the jobs and already pay the vast majority of taxes. Tax them more and they have no incentive to invest and create more jobs. They will just move and move their money over seas. You are clueless.
I say they are killing incentive and by doing that they are killing America.
Why would anyone want to work harder to achieve success if the Government is just going to take a bigger chunk of it?
I see this move as one that will kill jobs as businesses pick up and move to another more friendly state.
Tax the rich and if they can they will leave.
Big-govt pushers believe that govt's purpose is to "take care of" the citizens.
But it isn't. Govt's purpose is to keep citizens from hurting or stealing from each other. And to keep outsiders from hurting the citizens. PERIOD.
All else is up to the citizens: Taking care of each other, of themselves, etc.
Government is simply "the police", protecting their rights.
Citizens ("the people") are the ones who create prosperity. Government can't do that, only the people. Govt can get in the way of that... or not get in the way. And that's ALL government can do.
People in Manhattan are leaving for different reasons. Many are working remote. Why pay steep rent or property tax in Manhattan if you don't need to physically be there? Housing prices are skyrocketing in the suburbs immediately around the city. This offers ex-Manhattanites the ability to still commute to the city if they need to while paying a fraction of the cost.
I lived in the city for a period of time. It isn't worth the hassle if all the places of interest are shutdown or on heavy restrictions. What would be the point of staying there?
Murphy's administration estimates the tax increase will raise about $390 million in revenue.
Murphy's administration estimates the tax increase will raise about $390 million in revenue from 16,491 state residents and 19,128 non-residents.
In exchange, a $500 rebate check would go to families with at least one child and an annual income of less than $150,000 a year for couples and $75,000 for single parents. Murphy estimated that about 800,000 households would be eligible for the money.
I clicked on the link.
The article is poorly titled.
A millionaire is someone with a net worth of over $1 million (many people), not only some/most people who make over $1 million per year (someone could have a year where they made over $1 million, but still have a negative net worth). Plenty of people who are millionaires make under $1 million per year.
A millionaire is someone with a net worth of over $1 million (many people), not only some/most people who make over $1 million per year (someone could have a year where they made over $1 million, but still have a negative net worth). Plenty of people who are millionaires make under $1 million per year.
Well I suppose the Gov. should be more clear on who he wants to screw over and show better math !!!
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