Posted on 08/25/2020 7:45:16 PM PDT by Olog-hai
New Jersey’s Democratic Gov. Phil Murphy unveiled his fiscal 2021 budget on Tuesday that aims to help plug a nearly $6 billion budget hole through a variety of revenue-raising measures — including renewed calls for a millionaire’s tax, among other rate increases for corporations and wealthy residents.
“This budget proposal is not simply about getting New Jersey back to where it used to be, but moving forward to where we need to be by building a new economy that grows our middle class and works for every single family, while asking the wealthiest among us to pay their fair share in taxes,” Murphy said in a press release.
Murphy pitched his millionaire’s tax earlier this year — making Tuesday his latest attempt.
According to the budget and consistent with past proposals, Murphy wants to raise taxes on this group to 10.75%, from 8.97%. The change would be effective starting in tax year 2020.
The higher rate is currently applied to those earning incomes more than $5 million.
The hike, according to Murphy’s office, would raise $390 million in fiscal 2021. …
(Excerpt) Read more at foxbusiness.com ...
He knows they can leave, right?
Oh no !
More folks moving from New Jersey to the South and Midwest, and voting for the same policies that put their state into bankruptcy.
All of those ‘woke’ Corporations will gladly pay more. Everyone knows that they aren’t paying their fair share. (sarcasm)
Why would anyone leave New Jersey?
Wait, I did! oh, never mind.
So this is a retro tax on income already earned and accrued? Why only the current year? If he went back to, say 2010, the tax increase would be even more significant.
Yeah. That works.
I literally talk to people all day long who are now in their Hamptons house who also lived here, or in their Hudson Valley house, or in their Connecticut weekend house, and I say, “You got to come back (to NYC)! We’ll go to dinner! I’ll buy you a drink! Come over, I’ll cook!”—They’re not coming back right now. And you know what else they’re thinking? “If I stay there, I’ll pay a lower income tax,” because they don’t pay the New York City surcharge. …Of the cues he has already gotten from Andrew Cuomo, Murphy is ignoring this one. If he tries pulling this on rich New Jerseyans, he’ll probably be making platitudes that are more pathetic than the above.
Asking you say? lol
Tax the rich.
Such a novel idea. Why didn’t democrats think of that before now?
This is like a hold up guy pointing a gun at your head “asking” for money.
Millionaires and corporations soon to be in short supply in NJ.
> So this is a retro tax on income already earned and accrued? Why only the current year? If he went back to, say 2010, the tax increase would be even more significant. <
Gov. Murphy is a real lightweight. If Bernie Sanders were governor, he’d go back to 1787, the year New Jersey ratified the Constitution.
Uhmmmm....has he seen traffic reduced because many people can work from anywhere?
The moving companies are so swamped with the exodus that they have been turning down work for weeks now. This will only exacerbate this. Though many people wanting out will have to wait sometime before the moving companies can get to them.
The good news — if you can call it that — is that the Democrat leadership in the state legislature has at least a fraction of a functioning brain. They pushed back on this dope last year and will probably do it again. Even those Democrats were smart enough to see all the alarming signs of wealthy residents and companies fleeing the state. Honeywell announced the relocation of its headquarters to North Carolina right after one of these stupid tax plans was announced a couple of years ago.
The Left never thinks people will leave a Socialist Utopia. In some cases, it actively tries to prevent them from leaving.
Maybe what the richest individuals & corporations should consider, instead of paying more taxes, is to pool their money & buy the state. Then they could run it the way they want & possibly save money. After all, how much can it be worth by now? Maybe some of those who have left would move back if they saw it being run right.
They (used) to do in the Soviet Union.
They aren’t that way now, but American leftists are.
Of course the budget includes another 4.9 billion for the public pensions.
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