Better Choices for NJ Statement: True Millionaire’s Tax Is Simply Common Sense

In response to the Gov. Phil Murphy’s Budget Address, NJ Working Families interim director and Better Choices for New Jersey Coalition spokesperson Rob Duffey said:

“Governor Murphy just laid out a clear vision for getting New Jersey out of years of misguided trickle-down economics and reckless budget gimmicks. Tax cuts for wealthy heirs and heiresses, yacht owners, and big corporations have dinged New Jersey’s credit ratings, made a mess of its finances, and kept us from making smart investments to move this state forward. The governor’s proposal would be a big step towards restoring the public’s broken trust.”

“We were heartened to hear the governor renew his call for reforming New Jersey’s out of control corporate subsidy programs. The state has already wasted $11 billion on lavish tax subsidies with no real proof that New Jerseyans are getting the jobs they were promised. We can’t continue throwing good money after bad.”

“Including a true millionaire’s tax in this year’s budget is simply common sense. It should be a no brainer, not a flashpoint of debate. Voters know that our tax system is rigged against them and for the rich, which is why they overwhelmingly support raising taxes on the wealthy and well-connected. Other states that have raised taxes on the rich to meet their needs are doing well, because they’ve been able to invest in fundamentals like education, transit, and infrastructure. There is no credible policy argument for not raising taxes on the state’s richest residents. The governor was right to include a millionaire’s tax in his budget, and legislators should take a cue from their own constituents and throw their support behind it.”

“We look forward to reviewing the governor’s proposal in detail, and we’re committed to making sure this year’s budget invests in New Jersey’s working families.”

Better Choices for New Jersey is a coalition of dozens of community, labor, environmental, and faith groups fighting for a budget that puts working families first. It was established in 2009, and played a key role in advancing Gov. Jon Corzine’s temporary tax hike on the state’s richest residents. During the Christie years it put the millionaire’s tax and wasteful corporate tax subsidies at the center of the public debate, and is leading the charge to rein in corporate welfare and ensure New Jersey is poised to make smart investments in education, transit, and clean energy that will lead to broadly shared prosperity.