A Few Misconceptions about the 400k Tax

Sam Tyler | March 17, 2010


A lot of people have been griping that Christie's budget isn't fair to people because of the lack of a tax on the wealthy (we're the highest in the country for income taxes on the wealthy by the way).

Talking wealth, the Boston College study showed that 70billion dollars in wealth either left the state or failed to be realized. Thishurt (and this was the MOST important fact of the study) charitableorganizations.

Taxing the wealthy has an adverse effect on both the rich(they have to pay more) and the poor (charities which used to rely on the RICHno longer get the same amount of contributions and either close or cutservices).

It's very easy to rail against the wealthy but in a stateand economy which is anti-innovation and anti-growth (by both design and badluck) it’s very difficult for people to rise the wealth ladder.

Additionally, the millionaire’s tax is a band-aid for thebigger issue at hand which is uncontrolled spending at a state, county andmunicipal level. We have spent TOO much for TOO long and simply raising taxeson a group of people who have the inherent ability to MOVE and totally bypassthat tax is bad economic policy.

Let’s say that you’re at work and your raise is going to berelatively low (if you even get one). Do you barge into your superior anddemand that a coworker’s pay be taxed to pay for your raise or do you go home,open up your check book and see what you can cut to survive?

Taxes are never equal (or we’d have a fair tax system) andavoiding a millionaire’s tax will help Christie advertise the state tocorporations and industries that would otherwise avoid the state. Explodingproperty taxes won’t help either.

Moran and Democrat’s constant cry of ‘reinstate the 400k+tax’ rings hollow because these 'rich fat cats' have a nice little out – they aregenerally people who have the ability to move their homes (property taxes) andbusinesses (corporate and income taxes) to other states (oh hello Delaware orPennsylvania).  When these peopleleave, and they will if they see that the 400k tax is not one-time but ratherpermanent, who gets left with the bill? Everyone left behind. Did I mention the loss of sales taxes when people move?

The liberal solution of tax now, spend now, pay later is acomfortable road to a fiery hell. Shame on liberals for hiding behind the poorand middle-class when they are the largest root of this problem. It's time to put down the junkie needle full of spending and start tightening the buckle. It hurts when you do it at home, and it will hurt when the state does it as well.



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  • Wednesday, March 17, 2010 2:49 PM Dave Makkar wrote:
    Any one saying Christie budget will fix the problems, they are naive or does not understand the basic problem of NJ. Too big & too many governments or they are part of the corrupt culture of that basic problem serving directly or indirectly in that Monster Size Government. NJ has Unionized Politicians joined together below the hips posing as Republicans & Democrats. Can these Unionized gangsters explain why 8000 sq miles NJ has 588 governments for 8.5 mil residents with over 9,000 elected scoundrels & 400,000 employees for a budget of $80 billion and deficit of over $150 billion including the unfunded liabilities like pension & transport fund?

    I am a Republican but I have yet to find a True Republican in NJ still I supported Christie who seems to be a lesser evil than Wall Street Thug & financial swindler Z Corzine. Stop singing in the praise of Christie unless he chop off at least 500 local governments, 600 School Districts along with 600 School Superintendents offices each stealing from Children’s Education fund more than a million dollar each month.

    The time has come to send all NJ Politicians for observation. Only psychiatrists can explain their behavior. Their acts have no rational explanation. They suffers from a loss of touch with reality. Temporary or permanent insanity. Paranoia. Schizophrenia. Memory loss. Loss of judgment.
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  • Saturday, March 20, 2010 7:03 PM David wrote:
    Agree about the Boston College study but there is another point to be made here.

    The revenue numbers Corzine's people gave for the tax are way off. You look at how much interest income, bonuses, business incoem, capital gains and dividends have dropped off, the revenue just isn't going to be there.

    In other words, the revenue Corzine claimed he was raising wasn't real.
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