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Thursday, March 07, 2019

Would a 'Millionaire’s Tax' Help New Jersey? The Governor Thinks It Will.

New Jersey Gov. Phil Murphy is proposing a higher marginal tax rate on income above $1 million, apparently undeterred by lawmakers’ rejection of that same proposal last year.

Murphy’s $38.6 billion proposed budget for the fiscal year that begins July 1, to be unveiled during a speech to the Legislature that began shortly after 2:15 p.m. Tuesday, represents a 3 percent increase in spending over last year’s proposal. Inflation is around 2 percent.

The budget includes a surplus of nearly $1.2 billion, up from $743 million in the governor’s fiscal year 2019 proposal. The administration largely attributes the cushion to projected savings to be achieved through negotiations with public-sector labor unions.

Murphy, a Democrat elected in 2017 to succeed Republican Chris Christie, has argued that a so-called “millionaire’s tax” would help lift the middle class by providing funding for priorities like education.

He heads into budget negotiations after signing into law a measure that will raise the minimum wage to $15 an hour for most workers by 2024.

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9 comments:

  1. That 'woosh' sound is the sound of millionaires leaving the Oil and Petrochemical state... oh, that's right, that doesn't fit on the license tags.
    Garden State.

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  2. Brilliant move - MORON!

    The $15/hr minimum wage will cause a number of layoffs.
    The "Millionaire's" tax will cause them to leave.
    There will be nobody remaining except for politicians and welfare recipients!

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  3. see either you lose your job or you get higher taxes, either way how can any one of you dumb-asses say this is a win win for anyone but the govt??? You people are so god damn stupid it is not even funny anymore... god help you seriously...

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  4. If those people think that taxing the rich to death will help it won't.The rich hire the poor.

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  5. Flat tax for everyone. No limit on income. Period.

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  6. See New Jersey's millionaires sprout wings and fly south.

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  7. How about a tax on movie stars @ 50%. They don't work anyway for what they get paid, they are just acting.

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  8. Millionaires a the few who can afford to move out of New Jersey.

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  9. As with Maryland, I see a continuing mass exodus from these high tax states. I just home they don't bring their liberal idea's and problems with them!

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