New Jersey Millionaire’s Tax

NJ Windfall of taxes

New Jersey Millionaire’s tax does not keep people from coming to the state. This according to thePatriotic Millionaires, a group of high-net worth Americans, business leaders, and investors who are united in their concern about the destabilizing concentration of wealth and power in America, to support  the millionaire’s tax in the New Jersey state budget to help the state meet its existing obligations and invest in priorities.

Really?? Are they kidding? No they are not and they are so wrong that it is a shame that they are so uninformed.

Per NorthJersey.com, “The New Jersey-New York population center that encompasses New York City, Jersey City and Newark last year lost more than 5,700 of its high-net-worth individuals with liquid assets of $1 million to $30 million, according to a new report from research firm Wealth-X.

Debra Taylor of Taylor Financial Group in Franklin Lakes said she has been advising many of her wealthy New Jersey clients to set up residency in other states. The loss of unlimited state and local tax deductions for the 2018 federal tax year is drastically elevating the metro area’s already high cost of living for some, she said.” So much for what the Patriotic Millionaires say.

NorthJersey.com also had the following information on tax collections for the state, “New Jersey’s finances surged back up in April, mostly due to a record increase in income tax payments, and that now has Gov. Phil Murphy pitching a one-time property tax relief program.  

The state collected $3.6 billion in income taxes in April, topping the previous record April from 2008, when New Jersey took in $3.14 billion, Treasurer Elizabeth Maher Muoio told lawmakers Tuesday. This follows a few slow winter months when income taxes fell below predicted levels due to changes in federal and state taxes.

The Treasurer’s Office increased this year’s total revenue projections by $377 million compared with predictions last month, up to $38.1 billion. Muoio predicted that the state will end fiscal year 2019 with a $1.14 billion surplus. 

Revenues for the next fiscal year are now expected to be almost $39.1 billion in 2020, up nearly $240 million from Treasury’s last estimate.

So tax collections are looking up and Governor Murphy wants a Millionaires tax? What a bleeping idiot he is! What is needed is a massive reform on how every government agency or entity both collects money and how it is spent. Again I am calling for a bi-yearly public audit at both the state and local levels to see where our money goes plus where we need to stop spending on unneeded programs.

That is my opinion- Jumpin Jersey Mike

 

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