Re: Study: Despite Myths, New Jersey’s ‘Millionaire’s Tax’ Didn’t Force Mass Migration Of The Rich

On Apr 22, 5:59 pm, chatnoir <wolfbat3...@xxxxxxxxxxxxxx> wrote:
http://thinkprogress.org/2011/04/22/new-jersey-millionaire-tax/

headline:

Study: Despite Myths, New Jersey’s ‘Millionaire’s Tax’ Didn’t Force
Mass Migration Of The Rich

In 2010, New Jersey Gov. Chris Christie (R) vetoed an extension of the
state’s “millionaire’s tax,” citing “failed policies of the past.” The
move effectively raised taxes on senior citizens while cutting them
for the rich. And conservatives have fought similar millionaire taxes
in states across the country, arguing that such a tax would stymie job
growth and force millionaires to flee to other states with friendlier
tax policies.

But a new study based in Christie’s backyard found that New Jersey’s
millionaire’s tax, instituted in 2004, had a negligible effect on its
millionaire population. In fact, New Jersey’s millionaire population
actually grew over the period of the study, even through the
recession:

The study found that the overall population of millionaires increased
during the tax period. Some millionaires moved out, of course. But
they were more than offset by the creation of new millionaires.

They found that the rate of out-migration among millionaires was in
line with and [sic] rate of out-migration of submillionaires. The tax
rate, they concluded, had no measurable impact.

“This suggests that the policy effect is close to zero,” the study
says.

The New Jersey study isn’t the first to find that higher taxes on
millionaires have little, if any, impact on migration. .... (cont)

Before obooboo said he would raise the taxes paid in by the wealthy
and big buisnesses they had already uncovered all of the legal
loopholes and tax sheltrs so they are not going to be paying higher
taxes at all and as usual the burden is going to keep falling on the
midle and lower calsses
.

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