NJ accountants still don’t like Murphy’s millionaire’s tax plan
A survey of members of the New Jersey Society of Certified Public Accountants finds strong opposition to Gov. Phil Murphy's millionaire's tax proposal and opposition to an expanded millionaire's tax.
NJCPA CEO and Executive Director Ralph Albert Thomas said more than 60% strongly oppose the tax. He says they feel that if we are going to turn things around in New Jersey, "we've got to look at other options."
"Should there be areas where there should be cost cuts as opposed to saying we're going to increase or lower the threshold on the millionaire's tax? Because we know previous surveys that we've had, our members have indicated that one of their strategies when they have discussions with their clients in terms of their wealth management is that they should consider leaving the state of New Jersey because of the tax structure here," he said.
Also, 78% of the CPAs surveyed felt the governor's budget would worsen New Jersey's economy.
"One of the things that happens at the current level is that it impacts about 1,700 people. When you go down to a million dollars, that number goes up to about over 17,000 individuals that are in that group. So that's a pretty significant jump."
About 66% of surveyed CPAs are also opposed to increasing New Jersey sales tax back to 7%.
Joe Cutter is the senior news anchor on New Jersey 101.5