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Time for a Millionaires Tax in NJ? [POLL]

Zoonar RF, ThinkStock
Zoonar RF, ThinkStock

Before you upchuck on your lunch (or whatever it is you’re eating right now), seeing an headline saying that “Unions and Advocacy Groups Endorse NJ Millionaires Tax”; unless things radically change between now and June 30th, the chances of that happening are slim to none – and slim just left town!

I’m hardly in the category of a millionaire – and as I remember it, the definition of just who is a millionaire in the state has gone from making 500 thousand dollars a year, down to 400 thousand; to, I believe, down to 250.

So, as you can see, pretty soon, as long as those in power have their way, we all will be designated “millionaires” even though we’re still clipping coupons just to save a couple of bucks at Shoprite.

Raise one tax or fee, and pretty soon you look for other sources of revenue to “feed the beast!”
Perhaps the time to start “starving the beast” is now, and while there’s hardly any sympathy for “millionaires” (which I believe has to do more with envy than anything else) – this would be a good starting point.

With increased spending, plus the outward migration of those who can afford to leave this land of high taxes – where will it end?

In a piece reported by our own Kevin McArdle, the State Treasurer, Andrew Sidamon-Eristoff said:

“I think raising rates at the highest marginal level would be disastrous for the state’s competitive position and ultimately its fiscal position over the medium and long-term,” Sidamon-Eristoff said.

The super wealthy in New Jersey are already paying a large percentage of the state’s total gross income tax receipts according to the treasurer.

“Just 50 taxpayers pay almost five percent of our gross income tax,” Sidamon-Eristoff explained. “We simply can’t continue to expect sustainable revenues with a top heavy system such as we have today.”

Hence, we’ll always be looking for newer sources of income, while those who can afford to leave – will – along with some of us who can’t!

Do you support a “millionaire’s tax?”

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