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.