From the article:
“...This idea would hinge on companies not responding by slashing wages to offset their tax hike, ...”
Also hinges on companies not moving out of state.
Also hinges on companies not moving out of state.
Which is a trend that's been in place my entire life. For example, #1 for taxes New York State has lost an amazing 18 seats in Congress (and electoral votes) since 1950. It had 45 congressional districts in 1950. It has 27 districts today. It last had that few in 1813-1823.
So I've expected that they will try this. And that they will find some bat**** crazy Obama judge who doesn't mind being reversed who will agree. And that it will eventually be affirmed by a higher court.
New Jersey has had a $10,000 annual cap on state income tax deductions for property tax payments itself, so it will be interesting to see how they dance around that in court. I think Murphy is whistlin' past the graveyard. This is very, very, very bad for high-tax blue state politicians.