And of course wealth redistribution. Because when you rob Peter to pay Paul you can always count on the support of Paul. So, “free” community college! More money for the teachers union! Bump up the Earned Income Tax Credit so more people get paid not to work!
Tax Airbnb. Tax Uber and Lyft. Tax vaping. Tax corporations, because they don’t vote. Tax “multi-millionaires,” because fairness.
The millionaires tax became a “multi-millionaires tax,” as Murphy said. It will now kick in for money earned after the first $5 million.
The vast majority of New Jerseyans won’t pay this increased tax. Only 1,760 taxpayers will pay more.
It is my fervent hope that those 1760 targeted folks emulate David Tepper and hit the Turnpike south asap. Get out while you still can. You know Murphy will be back next year to sock it to you again.
Corporations will pay a 2.5 percent surtax this year and next and then 1.5 percent in years three and four before phasing out entirely.
Any chance Newark had of landing Amazon’s new HQ just went down in flames. Unless, and you know this is coming to the table, Murphy gives them a sweetheart deal. Some corporations are more deserving dontcha know.
But hey, there’s “good news” too. The state won’t shut down so parks and beaches will remain open while we celebrate a national holiday dedicated to a rebellion against excessive taxation. Do you think the Democrats see the irony in that?