Advocates promised the new tax would bring in over $1 billion a year in new revenue. And they quickly saw their predictions surpassed: the state Department of Revenue estimates it will generate over $1.5 billion this fiscal year.
It did happen to New Jersey, Norway and France. Rich people leave when you tax them. I’m not arguing against the law, but to prevent “flight of the rich”, the law has to be applied universally. Or if that can’t happen, do what Norway did, tax wealth flight.
I’ve read studies that indicate the tax flight from NJ wasn’t as bad as people made it out to be as net tax revenue still increased and that some of the migration can be attributed to factors other than the tax increase. Still, I agree a blanket tax on the rich is ideal.
It’s how you tax. Some Norwegians left because not the income but the fortune was taxed. And by fortune also the value of stocks and such. The issue for some was they needed to sell off stocks to pay the tax. Also Norway established a new tax that tax the fortune if you leave. I am ALL for taxing the wealthy, but if the money has already been taxed…
It did happen to New Jersey, Norway and France. Rich people leave when you tax them. I’m not arguing against the law, but to prevent “flight of the rich”, the law has to be applied universally. Or if that can’t happen, do what Norway did, tax wealth flight.
I’ve read studies that indicate the tax flight from NJ wasn’t as bad as people made it out to be as net tax revenue still increased and that some of the migration can be attributed to factors other than the tax increase. Still, I agree a blanket tax on the rich is ideal.
It’s how you tax. Some Norwegians left because not the income but the fortune was taxed. And by fortune also the value of stocks and such. The issue for some was they needed to sell off stocks to pay the tax. Also Norway established a new tax that tax the fortune if you leave. I am ALL for taxing the wealthy, but if the money has already been taxed…
I mean, if the point is to stop people from stockpiling wealth and increasing wealth disparity, then it sounds pretty effective.