Why are so many millionaires putting up with with NJ bull$#!+? (Opinion)
Millionaires don’t like taxes. Especially self-made ones. The people in life who bet on themselves and risk it all and come out on top in a capitalist society don’t tend to like statements like the one Phil Murphy once made at Rowan when he said, "If tax rate is your issue, we're probably not your state."
Millionaires tend to be smart with money. In the book "The Millionaire Next Door" it was reported that only 23.5% of millionaires drive the current year model car. Furthermore, nearly 37% of millionaires buy used cars. A person good with money understands how fast an asset like a vehicle depreciates, and a millionaire is generally a person good with money.
So how do so many millionaires, and we have a lot of them in New Jersey, have the stomach for living in a state whose government has for so long been irresponsible with money?
We went from a $35 billion budget in Christie's final year to a proposed $53 billion budget under Murphy. A roughly 50% increase. At the end of last year, our debt was $212 billion. Four times our operating budget.
We have no solutions offered for our highest in the nation property tax crisis. Pensions have been problematic for years. New Jersey has been a fiscal joke for a long time.
With so many New Jerseyans of lesser means getting out of the Garden State why is it that so many millionaires aren't punting? Sure, we are located between two major cities and we have the Jersey Shore. But these are people who can afford to travel. And the bagels and pizza here only go so far.
Can the answer be as simple as the inability to make their particular fortunes in the economies of other states? Doubtful.
Perhaps I can't understand it because I've never lived as a millionaire here in New Jersey. Just how many do we have?
Put it this way. Look through this list of all 50 states and the District of Columbia and see where they all rank in number of millionaires. You'd think the rate of millionaires would be lowest in Mississippi but they're actually second to last. The absolute lowest is West Virginia, ranking 51st.
Where does New Jersey rank? Scroll down to find out. You might be surprised just how high we rank.
LOOK: States with the most people earning $1 million or more
25 richest families in America
Top 20 highest average property tax bills in NJ for 2022
Top 20 lowest property tax towns in NJ in 2022
Opinions expressed in the post above are those of New Jersey 101.5 talk show host Jeff Deminski only.
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