the staff of the Ridgewood blog
Ridgewood NJ, New jersey economic policy is truly stuck on stupid . 40 years of failure and New Jersey wants to keep doing the same thing till they get it right. Fair and Necessary more like just plain stupid .New Jersey Policy Perspective Senior Policy Analyst Sheila Reynertson in response to reports that Governor Murphy will propose a 10.75 percent tax rate on income tax earners over $1 million in tomorrow’s FY 2020 budget address.
SHEILA REYNERTSON, SENIOR POLICY ANALYST, NJPP:
“Governor Murphy would be right to call on New Jersey’s wealthiest families to pay their fair share. New Jersey’s tax code is upside down as the state’s top 5 percent of earners pay a lower share of their income in state and local taxes than anyone else. When tax policy favors the wealthy and well-connected, the rest of us are left paying more in the form of higher property taxes, higher tuition at state colleges, and higher tolls and fares on our morning commutes. A higher tax rate on top earners would allow the state to make bold investments in state assets like NJ Transit, early education, and colleges and universities, which are proven to make our economy stronger.”
The reality is over two million people left New Jersey between 2005 and 2014, taking billions of dollars in income and economic activity with them, according to a state business group that blames high taxes for the exodus.
The Business and Industry Association’s new report said so-called outmigration over a 10-year span cost the state $18 billion in net adjusted gross income, 75,000 jobs, $11.4 billion in economic activity, $4.2 billion in labor income and $8.4 billion in household spending.
“This outmigration of New Jersey residents has had a substantial and continuing negative impact on the state’s economy,” the report said. “When New Jerseyans leave the state they not only take their income with them, but they take income taxes, sales taxes, property taxes and purchasing power with them as well.”
The New Jersey area lost thousands of millionaires in 2018, even as their ranks grew worldwide. 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.
Wait.
What?
.
Are you saying that people who were smart enough to accumulate massive wealth won’t just go along with this and pay up?
.
/*Confused*/
Calling what NJ does “economic policy” is an insult to the dictionary.
It’s Liberalism, pure and simple, in spite of the economics.
The only thing Liberals ever figure out is how to take more, so they can spend more.