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An Assembly budget panel has approved a two-year income tax increase on New Jersey's 16,000 millionaires.
Democrats say the surcharge will generate more than $500 million in additional revenue. They want to use the money mostly for aid to public schools.
A Senate panel is scheduled to take up the measure tonight.
Gov. Chris Christie has vowed to veto the tax.
Gov. Chris Christie says a millionaires' tax will be dead on arrival if it reaches his desk.
Democrats are expected to approve a bill Wednesday that would tax the state's 16,000 or so wealthiest income tax filers at 10.75 percent for two years. They want to use most of the revenue to boost aid to suburban schools.
Christie called the surcharge a "jobs killer" and said there's no chance he'll sign it.
Appearing on Millennium Radio's "Ask the Governor" program Tuesday, the Republican governor says the tax would make New Jersey uncompetitive with neighboring states that have lower income tax rates.
He said New York is about to drop its top rate to 7 percent while in Pennsylvania the rate is 3 percent.
An Assembly budget panel has approved a two-year income tax increase on New Jersey's 16,000 millionaires.
Democrats say the surcharge will generate more than $500 million in additional revenue. They want to use the money mostly for aid to public schools.
A Senate panel is scheduled to take up the measure tonight.
Gov. Chris Christie has vowed to veto the tax.
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.
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.
Maybe they shoould jsut close all the schools.
then everyone will move out of the state
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.
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.
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?
Maybe they shoould jsut close all the schools.
then everyone will move out of the state
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?
I live in PA.
so let NJ stick it to it's money makers. Many will move here since it's still near NY.
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?
I live in PA.
so let NJ stick it to it's money makers. Many will move here since it's still near NY.
OK. So you agree with my post. Thanks. I'll look for your pos rep.
Next news item... more millionaires move out of NY
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.
Buffett stated that he only paid 19% of his income for 2006 ($48.1 million) in total federal taxes (due to their being from dividends & capital gains), while his employees paid 33% of theirs, despite making much less money.[130] “How can this be fair?” Buffet asked, regarding how little he pays in taxes compared to his employees. “How can this be right?”
Maybe they shoould jsut close all the schools.
then everyone will move out of the state
Judging by the five or so minutes of Joisey Shore I've seen, it sounds to me like they closed their schools a long time ago.
An Assembly budget panel has approved a two-year income tax increase on New Jersey's 16,000 millionaires.
Democrats say the surcharge will generate more than $500 million in additional revenue. They want to use the money mostly for aid to public schools.
A Senate panel is scheduled to take up the measure tonight.
Gov. Chris Christie has vowed to veto the tax.
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.
