By Rosemary Becchi, J.D., L.L.M.
We all know how the story goes: Steal from the rich and give to the poor. In the story, it’s noble and righteous for the hero to take these actions. So, it’s no surprise that Governor Phil Murphy believes he can sell New Jerseyans on an economic proposal known as the “Millionaires Tax”. Unfortunately, this isn’t a story, and the Millionaires Tax doesn’t steal from the rich to give to the poor. In fact, it steals from small businesses and gives to the bureaucracy of our state government that has proven unwilling and unable to make tough spending decisions.
Murphy’s story goes something like this: New Jersey will raise the state income tax rate for residents who earn more than $1 million, and this will supposedly produce more than $765 million in new state revenue. Currently, the state’s personal income tax rate tops out at 8.97 percent on income over $500,000. Governor Murphy’s proposed Millionaires Tax would increase the marginal tax rate applied to income above $1 million to 10.75 percent.admin | Filed under: New Jersey, Opinion | Tags: Governor Phil Murphy, Jersey First, Millionaires tax, New Jersey, NJ State Budget, Opinion, Rosemary Becchi | Comments Off on “Millionaires Tax” Not the NJ Fairy Tale Governor Murphy is Selling