The proposed New Jersey millionaires tax is not without its vocal detractors, including the NJBIA. Will the proposed tax end up hurting the State and cause more “brain drain” and capital flight? Increased spending brings increased demand for tax revenue. Hopefully a balance can be achieved so that New Jersey is put on a solid footing for future growth.
“An executive from the New Jersey Business and Industry Association, in testimony before the Assembly Budget Committee on Monday, warned that Gov. Phil Murphy’s proposed “millionaires tax” could stall the state’s economic recovery. The proposed tax would increase the top income tax rate to 10.75 percent on income above $1 million. The current top rate is 8.97 percent on income of over $500,000.”
Read: NJBIA exec slams ‘millionaire tax’ proposal at NJBIZ