the staff of the Ridgewood blog
Trenton NJ, Assembly Republican Leader Jon Bramnick panned the reported deal between Governor Phil Murphy and legislative Democrats that would raise income taxes on millionaires, costing them thousands of dollars.
“Governor Murphy’s plan to raise taxes is a gift for the Florida economy and a nightmare for New Jersey,” said Bramnick (R-Union). “Passing another ill-conceived tax will make out-migration worse and shift the tax burden onto the middle-class when others leave.”
A story by nj.com noted that the 10.75 percent tax on income over $1 million would increase taxes on a person earning $2 million by around $18,000 and a person earning $4 million would face a roughly $71,000 increase.
“If you had the choice to save thousands of dollars, wouldn’t you take it?” concluded Bramnick