See below for a statement from New Jersey Policy Perspective Senior Policy Analyst Sheila Reynertson in response to reports that Governor Murphy will propose a 10.75 percent tax rate on income tax earners over $1 million in tomorrow's FY 2020 budget address
"Governor Murphy would be right to call on New Jersey's wealthiest families to pay their fair share. New Jersey's tax code is upside down as the state's top 5 percent of earners pay a lower share of their income in state and local taxes than anyone else. When tax policy favors the wealthy and well-connected, the rest of us are left paying more in the form of higher property taxes, higher tuition at state colleges, and higher tolls and fares on our morning commutes. A higher tax rate on top earners would allow the state to make bold investments in state assets like NJ Transit, early education, and colleges and universities, which are proven to make our economy stronger."
For additional context, see NJPP's 2018 report busting the millionaire migration myth.