Murphy, a Democrat who replaced term-limited Christie on Jan. 16, said his goal is to give New Jerseyans more value for their tax dollars; instead he plans on bleeding them dry. He has promised additional spending on underfunded schools and transportation in a credit-battered state with an estimated $8.7 billion structural deficit for the fiscal year that starts July 1.
“If we enact another budget like the one our administration inherited, our middle class will continue to be the ones shouldering the burden, while seeing little in return,” Murphy said Tuesday in his budget address to lawmakers. His solution? Socialist wealth redistribution: "A millionaire’s tax is the right thing to do –- and now is the time to do it."
A better way of putting it, as Bloomberg has done, is that New Jersey's budget "would raise taxes on almost everything."
Of course, that is not a politically palatable thing to say, so let's first crush the millionaires; the same millionaires who - like David Tepper in April 2016 - have decided they have had enough and departed for Florida long ago, taking with them hundreds of million in foregone taxes. Because what New Jersey fails to grasp, is that the truly rich can pick up and go at a moment's notice, and transfer to any place in the country (or outside of it) that actually does not endorse daylight robberies.
Meanwhile, the idiocy proposed by Gov. Murphy counts on total revenue growth of 5.7%, an impossible number and the most since at least 2013... when it fell short. Murphy would increase the tax rate applied to income above $1 million to 10.75 percent from 8.97 percent, generating $765 million; and restore the state’s sales tax to 7% from 6.625%, raising $581 million.
New Jersey Prepares To Raise Taxes On "Almost Everything" As It Nears Financial Disaster
“If we enact another budget like the one our administration inherited, our middle class will continue to be the ones shouldering the burden, while seeing little in return,” Murphy said Tuesday in his budget address to lawmakers. His solution? Socialist wealth redistribution: "A millionaire’s tax is the right thing to do –- and now is the time to do it."
A better way of putting it, as Bloomberg has done, is that New Jersey's budget "would raise taxes on almost everything."
Of course, that is not a politically palatable thing to say, so let's first crush the millionaires; the same millionaires who - like David Tepper in April 2016 - have decided they have had enough and departed for Florida long ago, taking with them hundreds of million in foregone taxes. Because what New Jersey fails to grasp, is that the truly rich can pick up and go at a moment's notice, and transfer to any place in the country (or outside of it) that actually does not endorse daylight robberies.
Meanwhile, the idiocy proposed by Gov. Murphy counts on total revenue growth of 5.7%, an impossible number and the most since at least 2013... when it fell short. Murphy would increase the tax rate applied to income above $1 million to 10.75 percent from 8.97 percent, generating $765 million; and restore the state’s sales tax to 7% from 6.625%, raising $581 million.
New Jersey Prepares To Raise Taxes On "Almost Everything" As It Nears Financial Disaster