Professor of Finance at Ramapo College
Regarding “State senate president plans to push tax bill,” (Nov. 9, page 1A). The people of New Jersey spoke loud and clear on election night. They want state government to spend more of their money. Not really their money, just upper income folks who make up a small percentage of the population. And they want Trenton to expand its already overbearing micromanagement of the economy.
Senate president Stephen Sweeney announced that he will put a “millionaire’s tax” on the front burner when the legislature convenes after Governor-elect Phil Murphy takes office in January.
Raising taxes on millionaires is another example of why government is like Willie Sutton, the notorious bank robber who was asked why he robbed banks, he replied, “That’s where the money is.” Phil Murphy and Democrats are legal versions of Willie Sutton.
Higher taxes on upper income taxpayers will cause any out of state high-income individual, business owner, or corporate executive to think twice about relocating to New Jersey. In other words, we will never how many upper income folks will not move to New Jersey because of the highest marginal taxes Murphy is so hot to increase. In addition, how many people and businesses will leave New Jersey because of higher income taxes? We will soon find out.
The proposed tax increases on millionaires will eventually hit middle-income families, because that is how big government proponents operate—tax the smallest number of families first, then go after where the big bucks are, the middle class.
As H.L. Mencken remarked decades ago, “Democracy is the theory that the common people know what they want, and deserve to get it good and hard. “