Ramblings on the Assembly Debate on the Millionaire’s Tax

I’m not as up to speed on New Jersey politics as I should be.  So I had some free time today and spent over an hour listening to the Assembly debate on the Millionaire’s tax.  As far as I can tell, the Republicans are putting forward two arguments:

1. Taxes destroy jobs

2. The rich will move away

These are well-established unproven Republican talking points.  As far as the first point is concerned, we have seen that under the Bush tax cuts, jobs have disappeared.  On the second point, I suspect that the uber-rich already declare their homes to be in places like the Cayman Islands or Wyoming.  No one has presented any solid evidence that this would have a significant impact.

It seems like the Republicans’ mantra of no taxes is more of a religion than anything else.

Anyway, it just passed.  Will watch the next steps with great interest.

Leave a Comment

Your email address will not be published. Required fields are marked *