N.J. Assembly approves 2-year tax hike on millionaires

Discussion in 'Politics' started by chanel, Jun 28, 2011.

  1. chanel
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    chanel Silver Member

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    N.J. Assembly budget panel approves 2-year tax hike on millionaires | NJ.com

    Complicated issue. Since the NJ Supreme Court has found that the state needs to restore $500 million in school aid cuts, I don't see how Christie has a choice.

    But with that said, can someone help me with this math?

    The top tax rate will be raised from 8.97 to almost 11%. 16,000 people are expected to pay $500 million MORE? Do you think these people might deserve a thank you?

    It blows my mind.
     
  2. The Rabbi
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    The Rabbi Diamond Member

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    The experience in MD was that when the tax on millionaires was raised suddenly the state had many fewer millionaires. Look for an influx of wealthy people into Delaware or Pennsylvania.
    Policies like that never work out.
     
  3. chanel
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    chanel Silver Member

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    Christie agrees. He plans to veto.

    Gov. Christie Pledges Millionaires' Tax Veto - New Jersey 101.5 FM
     
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  4. DiamondDave
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    DiamondDave Army Vet

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    Next news item... more millionaires move out of NY
     
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  5. chanel
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    chanel Silver Member

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    I still don't understand those numbers. 16K people - 500 million dollars MORE?

    In the words of Judge Judy "If it doesn't make sense, it's probably not true".

    The Dem Legislature may be able to override the veto.
     
  6. Two Thumbs
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    Two Thumbs Platinum Member

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    THIS IS A GREAT IDEA!! for PA



    :lol:



    $500 Million / 16000 = $31250 each, in "state tax". That = 16000 more unemployed people in NJ to compensate for the lose of income.

    And the NJ SC is going to force Cristi to sign!!! :rofl:


    Come to PA where we don't beleive in taxation as punishment or vengence. well, we did, but they got voted out.
     
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  7. Two Thumbs
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    Two Thumbs Platinum Member

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    :eusa_shhh: :anj_stfu: :eusa_shhh: :anj_stfu: :eusa_shhh:
     
  8. Truthmatters
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    Truthmatters BANNED

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    Maybe they shoould jsut close all the schools.

    then everyone will move out of the state
     
  9. Two Thumbs
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    Two Thumbs Platinum Member

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    You tell'em TM!!


    oh, you forgot to say; That's the rights plan all along.

    :lol:
     
  10. The Rabbi
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    The Rabbi Diamond Member

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    Do you not think that wealthy people move in response to high tax rates? Or do you think "sticking it to da man" is worth it?
     

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