NJ raising millionaire tax for those making over $1M per year to 10.75%. It’s expected to bring in $390M. The plan is to use it to give $500 rebate checks to every family (with at least 1 child) that makes less than $150k/yr. That leaves ~$40M. They’re taking that money to then “fund ‘what folks want’ - school funding, health care and housing”. (My speculation:) It’s not clear but I understand that the state was trying raise such funding to pay for free education, etc. for (illegal?) immigrants, etc.
It won’t affect or help me either way but in my opinion it’s not a good use for the new tax revenue, esp when they now need to raise money for all the other issues this didn’t resolve due to COVID, etc.
What do others here think about this?
It won’t affect or help me either way but in my opinion it’s not a good use for the new tax revenue, esp when they now need to raise money for all the other issues this didn’t resolve due to COVID, etc.
What do others here think about this?