from Zero Hedge
Last Thursday, after a grueling three year crusade to make life for taxpayers in the second-lowest rated US state even more unbearable…
… New Jersey finally passed a tax on millionaires fulfilling a long-running dream of governor Phil Murphy and Democratic leaders.
Facing a fiscal crisis of epic proportions, Murphy finally convinced holdout lawmakers to raise the tax rate on earnings over $1 million to 10.75%, up from 8.97%. As we noted last week, it remains unclear how quickly this decision will prompt an exodus of the state’s richest residents. What was clear, however, is that it was only a matter of time before other Democrat-run, fiscally-irresponsible states would follow NJ’s lead now that the seal has been broken. After all, progressives in Albany have already been pushing governor Cuomo to consider a variety of bills, including one to raise the tax rate on those earning more than $100 million to almost 12%.