Christie brings feudalism to New Jersey

New Jersey Democrats Pass Millionaire Tax; Christie Plans Veto
By Terrence Dopp


May 20 (Bloomberg) -- Lawmakers in New Jersey’s Democrat- controlled Assembly voted to raise income taxes on residents earning at least $1 million a year, as Republican Governor Chris Christie said he’d veto the bill.

The chamber passed the measure 46-32 in a vote that broke down along party lines. Of 33 Republicans, 32 voted against. The bill next goes to the Senate, setting up the Legislature for a showdown with Christie, 47, as the deadline approaches to have a balanced budget in place when the fiscal year ends on June 30.

“We’ve got a lot of people who can’t afford to pay their taxes” and need the rebates that the measure may restore, Assembly Speaker Sheila Oliver said before the vote. “Six- hundred thousand older adults would be better off.”

Democrats hold a 47-33 majority in the Assembly and a 23-17 edge in the Senate. While controlling both chambers, they lack the two-thirds majority needed to override a Christie veto without cooperation from Republican lawmakers.

The temporary tax increase is projected to reap $637 million in revenue that Democrats hope to use to eliminate cuts to senior programs proposed by Christie including restoration of property-tax rebates. The governor’s $29.3 billion budget contains $10 billion in spending cuts, including $820 million from school aid, and puts off a $3 billion pension payment. ..........(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601087&sid=aGC.AWQ0AUGI&pos=8

Gah. He will almost certainly be a one termer, but he's going to do a lot of damage to my State in that one term.

Result? A full third of the millionaires in the state moved their official residence elsewhere (because when you got a million a year in income you can afford to live anywhere), and MD got significantly less in tax revenues from that income group than beforehand.

The way to deal with the million-a-year crowd is to stop them from stealing that much in the first place rather than trying to take a cut of the profits. Most (not all, but most) people making that kind of money can only do so because they are being legally allowed to siphon off great amounts of wealth from the middle class.

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I didn't mind the question, is ok by me to keep that subthread there