Advocates promised the new tax would bring in over $1 billion a year in new revenue. And they quickly saw their predictions surpassed: the state Department of Revenue estimates it will generate over $1.5 billion this fiscal year.
I’ve read studies that indicate the tax flight from NJ wasn’t as bad as people made it out to be as net tax revenue still increased and that some of the migration can be attributed to factors other than the tax increase. Still, I agree a blanket tax on the rich is ideal.
I’ve read studies that indicate the tax flight from NJ wasn’t as bad as people made it out to be as net tax revenue still increased and that some of the migration can be attributed to factors other than the tax increase. Still, I agree a blanket tax on the rich is ideal.