Murray Sabrin Professor of Finanace at Ramapo College
I sent the following letter to Tom Moran about his column. http://www.nj.com/opinion/index.ssf/2017/11/njs_millionaires_tax_hike_is_losing_support_moran.html
Your editorial today misses several points. If Murphy wants to spend more, then all New Jerseyans should pay higher taxes. Your support of his tax hike on upper income individuals and families is nothing less than “Willie Sutton” economics. In addition, I have been living in a Fort Lee 171 family co-op for ten years, about 25% of the shareholders leave for FL for half the year. They have been FL residents for many years, from what I gather. A higher top marginal rate will really accelerate the exodus.
Murphy’s tax and spending plan will face a fundamental economic reality, government spending does not boost an economy. Less regulations will make New Jersey more attractive to the business community as will lower marginal tax rates.
New Jersey should have one of the best state economies in the nation based on several factors. Instead, both Republicans and Democrats have implemented policies that in the final analysis have driven businesses out of the state in the 40 years I have been living here. In addition, New Jersey is far down on the list of companies that are looking to expand. The laws of economics and principles of finance cannot be overridden by statist politicians. In short, Murphy should check his premises about how an economy works.