The governor tells us that New Jersey is driving away rich people by imposing high income taxes.But the facts keep getting in his way. State tax records show that the number of households earning more than $500,000 nearly doubled in the last decade, when tax rates rose.
Now a new study finds that New Jersey ranks third in the nation in the portion of its population comprised of millionaires, excluding the value of their homes.
Honestly, it's really getting frustrating having to document how many things he's just absolutely wrong about.Yes, many older people leave for retirement, as they always have, and we lose money on that. But New Jersey remains an attractive place for young families to settle, and to get rich.That may not fit well with the governor’s agenda. But those are the facts.
As to the reporting of this:
- Yes, I bust on the Star Ledger a lot, but then they come through with stuff like this, which I've yet to see in another state paper (not saying it's not there, I just haven't seen it.) So good for them. But...
- Why is this in the op-ed section? Isn't this "news"? Isn't the governor being wrong - AGAIN - "news"?
- It would really have helped, guys, to tell us WHO did the study, and WHO analyzed the state tax records. So we could check for ourselves. Because some of us do that...
ADDING: I did a quick search before bed to try to find the study, and instead found this little gem:
3rd Most Millionaires: New Jersey...
The Most Millionaires: Hawaii
There may only be some 28,000 millionaire households in this state, but when you consider that there are less than half a million Hawaiian households in total, that number starts to seem a lot bigger. So if you're ever vacationing in Hawaii and are a little short on money to pay a bill, don't worry, there's a good chance you should be able to find someone there who could pick up the check.
Of course, in all seriousness, it's no paradise being rich in Hawaii. The state is known for having a high cost of living and last year they enacted a steep 11% income tax on anyone making more than $200,000. And yet, even with that added tax, Hawaii is still facing a severe budget crisis and there's no doubt that the poorer Hawaiians probably wish these millionaires would do even more to help.Wait - they raised taxes on millionaires?! You can do that?!?!
But... but... but... "GOLD-PLATED BENEFITS!"