Drive Out The Rich

New Jersey has figured out to get rid of the rich. They tax them. It’s called the “Millionaire’s Tax”. The New Jersey Democrats want to raise it even further. Ya’ know, because it’s working so well, bringing in tax dollars.

“Prior to the millionaire’s tax, more wealth was coming into the state than was leaving. Over a four-year period the aggregate net worth increased by $98 billion,” the study states. “However, the 2004-2008 post-millionaire’s-tax period shows more wealth leaving the state than coming in. The net outflow during this period reversed 70 percent of the wealth gained in the prior four years.”

Here’s the link. What they will have when they get done will be only the people who cannot afford to leave. Kinda like Detroit.

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2 thoughts on “Drive Out The Rich

  1. NJ, MD, NY… And where are they going? SSW… Florida, Texas, New Mexico… What happens when there aren’t any more there???

  2. Back about 2000, CA did the same thing. Big tax on $1m/yr income. 1/3 of them left the state. State claimed they broke even on it, which is bull. They never calculated the loss of that money in the local economy, and the loss of the businesses that those people took with them. Idiots.

    Oh, but wait! They passed a new version of the same tax just last year. Guess this shows a politician’s memory only lasts about 12 years, or so. Maybe that should be calculated in election cycles?

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