NJ Assembly to try to revive millionaires tax
The Associated Press
TRENTON, N.J. – The New Jersey Assembly is set to make a longshot bid to try to override Gov. Chris Christie’s veto of the millionaires tax Monday.
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.
Seven Assembly Republicans would need to join the Democrats for the override to advance to the Senate, where four GOP votes would be needed.
It’s unlikely a single Republican will vote for the tax.
Do these people understand the mood of the electorate? Their world is on fire with people telling them to cut spending. What do they do? Attempt to override the Governors veto. Time wasted when they should be cutting bureaucracy. This state is so tax heavy that the wealthy are leaving in droves. And with them goes their charitable giving and tax money. Let’s not forget that charity was one of the founding principals. INDIVIDUAL charity. Not government. Boston College did the research and here is the conclusion.
During the December 13, 2009 edition of “Meet the Press” former Chairman of the
Federal Reserve, Alan Greenspan, touted the importance of rising stock prices to
economic recovery. In a broader context Greenspan’s words highlight the importance of
wealth to economic growth. During decades of research at the Center on Wealth and
Philanthropy we have consistently found that wealthy households contribute
disproportionately more to charitable causes both from their household assets and from
their foundations, trusts, and donor advised funds.
Our analysis indicates that in recent years wealth has been leaving New Jersey in larger
amounts than wealth has been entering the state due to household migration. This has not
always been the case. In the early years of the current decade the flow was just the
reverse and wealth was entering New Jersey in amounts larger than amounts leaving the
state. The net outflow of wealth from New Jersey over the last five years has been
accompanied by a net outflow in charitable capacity and charitable giving from the state.
Part of the change reflected a general increase in households moving out of the Northeast,
including wealthy households. Comparisons with New York and Connecticut imply that
the shift in New Jersey was larger and likely involved factors idiosyncratic to New
Jersey. The pattern is clear and if the trend continues it will have a significant
It’s time to stop the wealth drain. It is killing us all. Or is that what the politicians want. Us to depend on them so we keep putting them in office?
Here are few of simple facts.
1. Governments can not employ without YOUR money.
2. The Poor never gave anyone a job or a salary.
3. Charities can’t help without donations.