Millionaire Tax Passes NJ Legislature

by Ryan on May 20, 2010

in Economy,New Jersey,Politics,Stupid government

The New Jersey State Legislature has passed a “Millionaire’s Tax” which should redistribute $637 million from the wealthiest 16,000 New Jerseyans to about 600,000 people in some kind of state-identified need.  If I were a real estate dealer in Pennsylvania, I’d be salivating right about now — bring us your tired, not-so-poor huddled masses yearning to “Go Galt” on the Garden State!

Governor Chris Christie has vowed to veto the legislation (phew!) and the Democrats don’t have enough votes to override him, so it’s pretty much a symbolic bill by the Dems at this point.  But, in reality had Corzine been re-elected to sign a Millionaire’s Tax into law, it would have be an economic stimulus package for any nearby state looking for successful people (like, for instance, millionaires).  The legislature would never see the projected $637 million because those paying would either leave or hunker-down their investments, lowering their worth, reducing the potential for all that government revenue.  Basic economics:  if you want less of something, then tax it.

Also, Democrat Senate President Stephen Sweeney made this statement about the bill which seriously bothered me:

I don’t have an issue with millionaires, I just have an issue with people not sharing in the sacrifice. Those 16,000 people can help 600,000.

I’m sorry, Mr. Sweeney, maybe I don’t get it:  are you asking the millionaires to help out or are you compelling them through force of law?  How much of your income, Mr. Sweeney, do you give to the charities or government programs which help those newly sainted 600,000?  Is it a fair share, you think?  Are you “sharing in the sacrifice” enough, or should someone who makes less than you try to sort that out with the force of law behind them?  Marxist crap.

Trying to solve the economic problems of Jersey by punishing those who’ve figured out how to succeed would not work and would ultimately hurt the Garden State.

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