TRENTON, N.J. – Assembly Republican Leader Jon Bramnick panned the reported deal between Gov. Phil Murphy and legislative Democrats that would raise income taxes on millionaires, costing them thousands of dollars.
“Governor Murphy’s plan to raise taxes is a gift for the Florida economy and a nightmare for New Jersey,” said Bramnick (R-Union). “Passing another ill-conceived tax will make outmigration worse and shift the tax burden onto the middle-class when others leave.”
A story by nj.com noted that the 10.75 percent tax on income over $1 million would increase taxes on a person earning $2 million by around $18,000 and a person earning $4 million would face a roughly $71,000 increase.
“If you had the choice to save thousands of dollars, wouldn’t you take it?” concluded Bramnick.