TRENTON, N.J. — The millionaires tax is back, Save Jerseyans. Governor Phil Murphy will make its enactment a centerpiece of his Tuesday budget address.
“Governor Murphy’s first budget was over a billion and a half of new taxes for the residents of New Jersey, which are already the most overtaxed residents in the nation,” said Assemblyman Hal Wirths (R-24) on Monday anticipating the Governor’s news which came later in the day. “I just feel so sorry for the folks in New Jersey that just want to go to work, make a living, pay their bills, and feed their family. The continuous taxes coming out of this place are just really discouraging.”
Phil Murphy’s plan isn’t new or novel; he plans to hike income tax rates on those pulling down $1 million or more annually from 8.97% to 10.75%, a move which experts believe will continue New Jersey’s exodus of high-paying taxpayers. Murphy says he’ll raise $447 million for new spending.
The catch? Murphy raised taxes last year on those earning more than $5 million and revenue is down 6%.
That’s $503.4 million less than the prior year.
“I don’t think that they have a reality of what is going on with the hard working people of New Jersey and that is why they are fleeing our state,” added Wirths.