Let’s stop referring to it as a “Millionaire’s Tax,” Save Jerseyans.
That’s not honest. It isn’t what’s actually on the table in Trenton this morning. A better term would be the “Arbitrary and Capricious Tax.”
This is Senate President Steve Sweeney’s plan to save New Jersey’s budget, as articulated by his office to the media:
(1) 10.75% tax on “millionaires” generating $565 million
(2) 10.25% tax on the $500k – $1 million group generating $155 million
There’s plenty of way to come up with these funds by cutting rather than taxing, but as I reminded you earlier this week, folks, el Presidente doesn’t care whether it adds up. This is a political maneuver, not a product of good faith nor good math. Never forget that; otherwise, you’ll destroy your scalp as you scratch it from now until the end of days.
What’s more, his Democrat colleagues can’t even agree with him concerning the definition of “millionaire.” I thought it was pretty straightforward! But then I quickly remember that this is Trenton we’re talking about.
Assembly Speaker Vince Prieto, the same guy who wants to tax drinking water AND who recently said, baffling listeners, “The way I look at it, the state of New Jersey has a revenue problem. I don’t think it has a spending problem,” also thinks a millionaire is someone who grosses $1 million annually unlike Sweeney whose creative new math dictates that those who earn $500k qualify, too. Ray Lesniak? One of our state’s most liberal and partisan state senators thinks – or feels/believes/wishes – that those grossing $350k fit the bill as well.
They’re making it up as they go along, Save Jerseyans!!! #YOLO budgeting!
Not only will a Millionaire’s Tax NOT work according to all reliable evidence, but it’s construction is also clearly arbitrary (see above) and self-evidently capricious since it’s the work product of class warfare-waging ideologues as opposed to sober, sincere public servants. They’re raping and pillaging tax brackets and mortgaging our future in the process. There’s grand design, plan, or method behind the madness. Just base partisan electoral political calculus.
Consequently, the way I see it, you should give these Democrats’ budget counter-proposals no more serious consideration than they’ve apparently given them.