Good day all. New Jersey is a deep blue Progressive state. It’s also having major financial issues that all Democrat run states have. The government has spent the last few decades driving taxes ever higher, and the people have been voting with their feet.
Now the governor, Phil Murphy, wants to ram even more taxes through, especially for people who make a lot of money. Here are the details from Fox Business:
New Jersey’s Democratic Gov. Phil Murphy is once again expected to push for higher taxes on the state’s wealthy residents this week.
In his State of the State address scheduled for Tuesday, Murphy will revive a push for the so-called millionaire’s tax, which would raise taxes on people earning more than $1 million.
This barking mad moonbat is off his meds if he thinks this is a great idea. New Jersey, like New York, is seeing an outflow of people, especially those who have made a pile of it. Murphy, in trying to justify his money grab, brought out the old socialist playbook claiming it’s all about “Fairness.”
A spokesperson for Murphy told FOX Business that the governor is committed to building a stronger and fairer New Jersey “for every family, not just the wealthy and well-connected.”
“To that end, he will continue to call on the wealthiest New Jerseyans to pay their fair share, which would bolster the middle class and encourage New Jersey’s expanding economy to thrive,” the spokesperson said in an emailed comment.
It’s hard to expand the state economy when you’ve looted everyone who has the money to open businesses and hire people. Event the tax fattened hyenas in the New Jersey State Legislature know that.
The tax has been a long-time goal of Murphy’s. Last year, he wanted to implement a millionaire’s tax with a top rate of 10.75 percent on people with incomes over $1 million. However, amid disagreements with the state legislature, which threatened to shut down the state government, Murphy agreed to sign the budget without it.
Of course, being a stupid Marxist, Murphy hasn’t given up on his cunning plans to drive the most productive people out of the state.
At the time, however, Murphy hinted that he might not be quite ready to let the millionaire’s tax go. In July, he said the spending plan was a “victory for working class families” but that it also lacked tax fairness.
“Make no mistake, I will continue fighting for tax fairness and fiscal responsibility well beyond today’s budget actions,” he said in a statement at the time.
Perhaps someone should tell this idiot that when you jack taxes up to high, the people getting hit just leave and take their money with them, and a large number have been doing just that.
As previously reported by FOX Business, New Jersey had the highest number of outbound migrations of all 50 states last year – at a rate of 68.5 percent. And the highest percentage of residents that left the state were wealthy, with nearly half of all outbound migrations occurring at income levels of $150,000 or more. Recent U.S. Census Bureau data showed similar patterns, as New York, New Jersey and Connecticut each lost tens of thousands of residents to Florida, which has no statewide income tax.
Of course, the Blue states that are driving out the productive class can’t seem to put 2 and 2 together and come up with the correct answer. That their out of control spending and massive tax increases have reached the tipping point. It doesn’t help these greedy socialists that the Trump tax cuts also hit them hard.
High-tax states like New Jersey have been hurt by a $10,000 cap on state and local tax deductions, imposed as part of the 2017 Tax Cuts and Jobs Act. New York, New Jersey and Connecticut even filed a lawsuit to have the measure overturned, which was dismissed by a judge last year. That decision has been appealed.
This is a desperation move by the Progressive Liberal Democrats. The fact is, they have no standing. The federal government controls federal tax laws, not the states. The states have their own tax laws and this is pretty well covered under the 10th Amendment.
New York Gov. Andrew Cuomo has credited the SALT cap and the flight of the wealthy for a $2.3 billion budget deficit in the state
New Jersey Rep. Josh Gottheimer was one of several lawmakers from states including New York, Illinois and California who took to Capitol Hill last year to air out their grievances against the SALT cap. Gottheimer called the cap a “double-taxation grenade” that was “lobbed at New Jersey and other high-tax states” by so-called “moocher states.” The average SALT deduction claimed in Bergen County, New Jersey, was more than $24,700 before the implementation of the cap.
Oh I love that. I seem to live in a “Moocher” state, New Hampshire. We have a fairly well run state government, (Although the CommuNazis are doing their best to wreck it), and we have low taxes. For decades, the high tax states like New Jersey, have used the ability for the wealthier citizens to write off things like their mortgages and state income taxes. Guess who was paying for that?
People who lived in well run states. The deductions for state income taxes were covered at the federal level by people in low tax states paying higher federal taxes. So, I wonder who the real Moochers are? The Blue states are finally beginning to learn the Thatcher Lesson:
“The trouble with socialism is that eventually you run out of other people’s money”
The blue states have run out of other people’s money and they don’t know what to do. Reworking their state’s budgeting, tax policies, regulatory environment and cutting out as much waste as they can is something that can not even consider. Eventually, these states are going to collapse economically. When that happens, I’m of the mind that they should be stripped of their statehood and a federal control board comes in and cleans up the mess. Meanwhile, the Progressives are just going to continue doubling down on stupid.
Thatisall
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