Posted on 03/31/2011 5:41:20 PM PDT by Kaslin
Fiscal Policy: A New Jersey state senator wants to establish a millionaires tax. Have Trenton policymakers learned nothing from their state's experience with fleeing wealth?
State Sen. Shirley Turner wants to dig even deeper into millionaires' wallets by hiking the tax rate on every dollar earned in excess of $1 million annually. The Democrat proposes jumping the top personal rate to 10.75%. The current top rate is 8.97% on income exceeding $500,000 a year.
The 10.75% top rate isn't new. It was in place before Gov. Chris Christie, a Republican who has his hands full with spend-and-spend-again Democrats, took office last year. But Christie, who understands how tax policies affect economic health and vetoed a millionaires tax last year, refused to renew the temporary rate set under former Gov. Jon Corzine. The almost entirely self-funded Democrat lost his job due to New Jersey's poor economic performance and a yawning state deficit despite soak-the-rich tax policies.
Not so long ago, New Jersey was a true garden state in terms of wealth. But wealth has fled in search of locations where the rich aren't regarded as fat targets for a shakedown. A study compiled by Boston College's Center on Wealth and Philanthropy found that between 2004 and 2008, more than $70 billion in wealth fled.
This was not a case of lost wealth being replaced by new wealth that moved in. Though more people relocated in New Jersey than left during the period, the net worth of those who quit was, at $618,300, 70% higher than the net worth of those who moved in.
(Excerpt) Read more at investors.com ...
...now those New Jersey millionaires are moving to your neighborhood where they’re helping elect the same liberals who will make your state like New Jersey.
Have a nice day. :)
Just build a fence around NJ. No problem.
Whats with 10.75%?
Why not 50%??
After a millionaire can afford it.
Besides, its for the good of the children...
Aw, heck. Just get it over with and tax all millionaires at 100%. [The problem is that you can only do it once and NJ will still be broke.] Why not though? NJ needs money so we might as well kill the fatted calf, eh Senator Shirley Turner? No? Why not? NJ NEEDS THE MONEY.
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