By Matt Rooney | The Save Jersey Blog
The Assembly passed its “millionaire’s tax” (A4602) on Thursday afternoon 47-31-1, Save Jerseyans, but earlier this week in the run-up to the vote, one of our favorite legislators couldn’t help but note one of the crazier inconsistencies in this fiscal year’s Democrat budget:
Dems in Approps today gave tax breaks for yachts over 280k(A-3856) Told seniors they would have to work for their tax break (A-4067) #crazy
— Caroline Casagrande (@CCCasagrande1) June 22, 2015
That’s right. A3856 does just that for yachts costing over $280,000, while A4067 makes seniors work for $1,000 in property tax credits. You can’t make this crap up.
Asm. Michael Patrick Carroll (R-25) did his best to illustrate the disconnect in the other caucus via Facebook:
Today, the Democrats’ proposals tell us that rich folks might leave the state to buy their yachts unless we cap their sales tax, but they won’t leave the state to save hundreds of thousands per year on income taxes. They tell us that poll workers might be enticed by the fact that their $200 or so will be tax free, but deny that rich folks would be repelled by hundreds of thousand in higher taxes. They tell us that people will be enticed to UEZ zones at the prospect of saving$20 in sales taxes, but that rich folks won’t be lured to FL to save hundreds of thousands. Such is what passes for economic thinking in my chamber.”
Thinking, of course, is exactly what the Democrats are doing. But about reelection, not economics. Common sense be damned; so long as the unions are happy, the Democrats survive to fight another day (even if this state’s taxpayers perish in the process).
Didn’t the Feds rescind a luxury tax on yachts when they found out it was closing smaller ship yards.