Posted on 09/17/2020 7:53:35 AM PDT by knighthawk
New Jersey Gov. Phil Murphy on Thursday announced a new deal with fellow Democrats to hike taxes on the state's wealthiest individuals and couple that with a one-time tax rebate for lower-income households.
Under the plan, the state's gross income tax rate on individuals earning between $1 million and $5 million would increase from 8.97% to 10.75%. Wages over $5 million are already taxed at the top marginal rate of 10.75%. Someone earning $4 million would pay roughly $71,200 more in taxes each year, while someone making $1 million would see an increase of about $17,800 per year.
Murphy's administration estimates the tax increase will raise about $390 million in revenue from 16,491 state residents and 19,128 non-residents.
(Excerpt) Read more at foxbusiness.com ...
And as the millionaires bail the paupers that voted Dem wonder why their getting soaked.
Maybe they will wake up to how the “system” works,I doubt it
Murphy’s administration estimates the tax increase will raise about $390 million in revenue from 16,491 state residents and 19,128 non-residents.
Hahahahahahahahahaha!
The math says yes, the wealthy taxpayer says probably not.
The state is being run by elected democrats!
Hard to believe this idiot has a Wharton MBA.
...which pales compared to the rough one-time cost of $50,000 to leave the state.
Glad to hear it. This is what people voted for. They are getting exactly what they wanted by continuously voting Democrat. Absolutely no sympathy. You know exactly what to expect when you deliberately vote for anyone because they have a D after their name. deBlasio is yet another classic example. Take the medicine you asked for.
How does someone making $1 million a year pay $17,000 more in taxes if it only impacts those earning $1 million or more? Does a guy earning $999,999 see no increase?
https://www.sovereignman.com/tax/the-state-of-new-jersey-just-signed-its-own-death-warrant-23939/
Technically, it’s not a millionaires tax. It’s a tax on high-income individuals. It’s meant to slow the rise of nouveau-riche into the upper echelons of power.
Raising taxes on state residents is like frivolously raising product prices to customers or cutting sales commissions--both merely with the intention of improving the bottom line.
All other things being constant, sales will shrink...and so will the bottom line.
Its the Marxist (democrat) position to keep all but the selected few on the plantation either pickin’ cotton or workin’ in the mines or mills for their Massa’s. Repeating the pre-Civil War south, slavery, broken up families, uneducated children and all food, clothing, shelter and medical from the plantation owner. In this case Big Govt. History kiddies. History.
It’s getting worse. The Dem’s control everything. We the People has no say in mail in ballots. Everyone registered will receive a ballot. They raised gas tax without input from voters AFTER raising gas tax 23 cents a couple years ago.
Joisey is such a beautiful and attractive state, and with such good weather, that surely wealthy folks will choose to stay and take it up the gumper.
Pity all the NJ millionaires that fled NYC because of the taxes ...
Penske rental truck phone lines will blow up.
NJ lawmakers reach deal for millionaires tax, tax rebates for middle-class families
BTW, check out the amount and timing of the alleged rebate.
At some point the idiot millionaires will wake up or die.
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