N.J. Assembly Preps For Long-Shot Bid To Rescue Millionaires Tax

millionaires-tax-assembly-debatejpg-c38d30b046a27136_largeThe New Jersey Assembly today is set to make a longshot bid to try to override Gov. Chris Christie’s veto of the millionaires tax. Christie vetoed the tax minutes after the Legislature passed it along party lines last month. The proposal would raise about $600 million by increasing the income tax by nearly 2 percent on the state’s 16,000 highest wage earners. Full story in Star Ledger.

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7 COMMENTS

  1. So we are seeing the real Christie, cut police and teacher jobs and benefits (tax the blue collar worker) let their families suffer but let the rich keep getting richer!

  2. Christie is sending a mesage that RAISING taxes on anyone is not an acceptable way of doing business – taxes ARE high enough in NJ. The legislature in Trenton MUST clean up their house that Corzine bankrupted over the past few years. Stop the wasteful spending. Way to go Christie!

  3. Not sure what you mean but Rich people pay most of the taxes in this country. The lower income hardly pays anything but receives many government benefits. Do the rich get any beneifits from all the taxes the pay?
    Far as I know I don’t know many yungerlet that pay taxes but I know many middle class and “Wealthy” people that pay loads of taxes. You say tax them more? So lower income people can get more benfits? Ecer wonder who pays for all those benefits?

  4. Actually the middle class pays most of the taxes. Especially as a percentage of income earned. The wealthy get all sorts of tax breaks and corporate wealfare.

    Take a few examples.

    Real Estate Tycoon – Many pay no taxes on operations after depreciation and finance charges (even though the they got huge distributions on the refinance of the property). On a sale they can do a non monetary exchage and keep on deffering the tax. (Hey i benefit from this too but I like call a spade.

    Hedge Fund Manager – Carried interest benefit – Somehow they get to take a profit share at a capital gains tax rate and pay no payroll taxes. (obama is working to eliminate this one).

    Corporate Welfare – Bogus job credits like Empire Zone Credits in New York. They basically had to shut this one down.

    In short if your a scnook on a middle class W2 salary (very little opertunity for tax planning), your getting hosed much more than these rich people.

  5. Collecting more taxes from the ‘rich’ is not the answer – it’ll just push them out of state. The real answer is to cut reckless spending. We can’t afford to house and feed and provide care for anyone with a pulse.

Comments are closed.