Robin Hood Murphy gets his millionaires tax (Opinion)
How dare someone work hard, have special talents, and become successful?! This must be the thought that echoes in Phil Murphy’s mind since the day he became governor. For a multimillionaire himself made playing with other people’s money at Goldman Sachs all those years he must be a self-loathing success. Rich white man’s guilt. I’m having none of it.
He has been wanting a millionaires tax since he took office and he’s finally getting it. Of course this took an economic catastrophe brought about by a pandemic to achieve. Even fellow Democrats had pushed back and squashed this bad idea in the past but they’ve now struck a deal.
Dollars earned between $1 million and $5 million will go from an income tax rate of 8.97% to 10.75%. According to NJ.com someone earning $2 million will have to choke up an additional $18,000 in taxes and someone making $4 million would owe $71,000 more than the too much they’re already being taxed.
Now here’s the crazy part.
The quid pro quo to get this deal done turns this whole charade into a Robin Hood tale. The money brought in by tax hike is estimated at $390 million. But in exchange households with incomes below $150,000 and at least one kid will get a rebate check for $500. That trade-off has a price tag of $350 million.
So this Robin Hood plan of stealing from the rich and giving to not only the poor but also the middle class ends up only bringing in $40 million additional when all is said and done? If they think millionaires won’t be moved to leave New Jersey I want some of what they’re smoking. How is this possibly good for the already battered economy to put successful business people in a position where moving away from New Jersey is more desirable than staying? Yet this Robin Hood governor thinks $72 million should be spent on his baby bonds scheme in this year’s budget? Are you kidding me?
This is an awful plan. And I don’t want to see Phil Murphy in tights.