Spadea: Give MIllionaires a Tax Break to Save the Middle Class
“It’s time for a reverse millionaires tax. Let’s lower the rate of taxation on incomes higher than one million and bring in tens of thousands of more millionaires to pay taxes.
Imagine if NJ was the tax haven for millionaires. Imagine if we benefited from the taxes paid on their income up to a million. A rate of 1-2% would not only keep more of the current group here, but will be an incentive for our neighbors in NY and PA to move here. Low taxes attract more taxpayers. It’s a simple math problem. The higher the taxes the more people with means will leave. Once we solve the revenue problem by bringing in more taxpayers, then we can address the spending problem.”
