Governor Murphy playing ‘class warfare’ — Spadea
Taxes. And more taxes. Playing 'class warfare' rarely works as high income earners tend to “vote with their feet”. The challenge with Murphy's millionaires tax is two fold.
First, it does not distinguish between a wealthy person and a small business filing as an individual with one million in revenue.
Secondly, Steve Sweeney isn’t on board. So the fight begins. The tax accounts for half of the governor’s tax plan.
Additionally, we know that as soon as the budget passes, the spending will begin in earnest so if/when revenue misses the target, we get more debt. Making NJ less attractive to wealthy individuals doesn’t relieves the middle class. Actually the opposite. It’s more likely the middle class is stuck here to pick up the pieces and pay the increased burden after the so-called wealthy pack up and move or close. And this has already happened without a new tax. An estimated $25 billion in adjusted income walked out in the past eleven years. With Murphy's numbers, that’s nearly three billion in tax revenue out the door.
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