Tax Foundation: “Millionaire’s tax” ie… ‘entrepreneur tax” will discourage economic growth
As New Jersey legislators continue to push conflicting versions of a tax cut proposal under the looming June 30 budget deadline, a new study by the nonpartisan Tax Foundation shows a plan by Assembly Democrats to use a so-called “millionaire’s tax” to fund a tax credit would hinder economic growth in the state.
“High progressive tax rates disincentivize developing job skills and career advancement, and reduce the number of hours people are willing to work,” the report said. “Taxes on high-income filers include business income, and raising taxes on this group would have negative effects on long-term economic growth.” (Eder, NJBIZ)