Unfortunately, I don’t make a million dollars a year in income. Yet, strangely enough I’m offended by our Governor’s proposal to tax earnings above one million dollars. Why do I care? For a Governor who repeatedly talks about tax fairness this proposal strikes me to be anything but fair.
I feel it is disingenuous to propose any tax increase to any resident of NJ regardless of income without also addressing the structural systemic fiscal spending problems our state faces. The additional revenue is not tied to state pension or healthcare reform. It does nothing to increase New Jerseys bond ratings. To sell this wealth distribution tax he is dangling a onetime $250 property tax rebate to all NJ homeowners. Sounds like a deal with the devil as opposed to a comprehensive economic policy.
New Jersey faces overwhelming debt which by all accounts is getting worse. The Governor’s idea of tax fairness and mine differ. For me tax fairness would be every dollar of additional revenue matched by a dollar of cost cutting. Instead this proposal is just another tax and spend program. I don’t think it is fair to ask you, me or millionaires, as a group the most heavily taxed people on the planet, to pay more so that we can continue to provide platinum level health benefits or defined benefit pension plans to state employees. Where else in the labor marketplace do employees get these benefits?
I am opposed to the millionaire’s tax or any other tax unless it is linked to an equal amount of cost cutting and structural spending changes. Our State leadership, starting with Governor Murphy must have the political courage to address issues that are harming all of us and our ability to advance the interests of all New Jersey residents.