New Jersey is #1 in the nation for millionaires. We are
also in the top ten for income inequality. With a population
of about 9 million people, the median income in NJ is
about $80,000. There are, at last count, 293,992
millionaire households in NJ.
Governor Murphy has proposed the “millionaires tax”
which will increase the tax rate by 1.72% for those earning
more than a million dollars, but this is a tax ONLY on any
income over a million, not their entire income. This tax
only affects 3% of New Jersey’s population and will
contribute about $500,000 to the budget.
Some have suggested this is a “bandaid”. I see it as part
of a solution, and a necessary step in the right direction.
This extra tax revenue would fund pension plans, public
schools, tuition free colleges, and stabilize NJ Transit
rates. It is time for the citizens to come together and help
fight income inequality in this state. The struggling middle
class pays more in taxes than our richer counterparts. It is
time for all of us to contribute our fair share. I urge
everyone to reach out to their State Senators and
Assemblyperson, and ask them to support the Governor’s
millionaires tax.
