The June 30 deadline for a balanced budget is fast approaching. If the New Jersey Legislature and Governor Murphy fail to reach an agreement on spending priorities and revenue, the state may shut down for the second time in as many years.
At the crux of the budget debate is Gov. Murphy’s proposal to raise the state income tax for individuals earning more than $1 million per year. The so-called “millionaires tax” would raise the tax rate on New Jersey’s top earners from 8.97% to 10.75%.
Despite voting for a “millionaires tax” five times under the Christie Administration, legislative leaders now oppose the idea, citing the oft-debunked myth of millionaire tax flight.
On Thursday, members of Patriotic Millionaires stood with New Jersey Policy Perspective and members of the Better Choices for New Jersey coalition to call on legislators to do the right thing and ensure the state’s wealthiest residents pay their fair share in taxes.
According to State of New Jersey, Department of Treasury, there are 20,422 tax filers who report an annual income of more than $1 million. This represents less than half of one percent of tax filers in the entire state. Meanwhile, the newest ALICE data by UnitedWay of Northern New Jersey reports that over 40% of New Jersey households are working poor, struggling to afford basic needs.
As New Jersey seeks to turn the page on decades of austerity budgets and short-sighted financial decisions, it is imperative that the fiscal year 2019 budget is funded fairly and not balanced on the backs of low- and middle-income taxpayers.
Use the interactive map below to see where New Jersey’s millionaires are concentrated.
Use the interactive table below to compare legislative districts.
