If the millionaires leave, who’s picking up the tab?
Millionaires are leaving New Jersey and that's not a good thing. It's nice when you're not a millionaire to hear politician's talk about a millionaires tax and think, "sure they've got the money, let them pay." But the fact of the matter is that the top 1 percent of the wage earners in New Jersey pay between 75 and 80 percent of the income taxes that are collected. Guess who picks up the slack? That would be us.
Millionaires in New Jersey not only pay higher taxes but they also create jobs and contribute to charities. Did you really think that they were going to live idly by while the governor taxed the crap out of them? They have options. Many own houses all over the country and can simply change their residence.
The idea of taxing the millionaires only works provided that said millionaires are willing to stay in New Jersey. Im pretty sure we're not going to be getting as much money from those who replace them. Maybe we're better off with not having a millionaires tax, and everybody just pays their fair share.
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