Taxes
N.J. Millionaires’ Ranks Growing Despite Taxes, Murphy Says
- Governor enacted a budget raising levies on richest residents
- State needs a ‘big jolt’ of stimulus, he says in interview
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New Jersey Governor Phil Murphy said the number of millionaires in the state has been growing in the past couple of years, rejecting criticism that increasing their taxes is causing a migration.
The nation’s highest property levies are what “chokes people in New Jersey,” driving out retirees in particular to low-cost states such as Florida and North Carolina, Murphy said Thursday during an interview on Bloomberg Television. New Jersey is the “quintessential middle-class state, and asking the wealthiest among us to help us make those investments is good for the middle class” and others, he said.