It shouldn't be any secret to anyone reading this that taxation, particularly targeted taxation towards those with resource and capital - ie millionaires or the "rich" - is a vicious self-perpetuating cycle of ruin. Higher taxes = less business. Less business = less taxes. Less taxes = higher tax rates. Higher taxes = less business. Less business = less taxes. Less taxes = higher tax rates. And so it goes on, endlessly, until the whole system collapses under its own weight, which it will, which it is.
This idiotic pathology has caused the loss of $70B in wealth the past 5 years, as "wealthy" New Jerseyans pack up and leave the state in search of a less crippling government. While this tax intended to tax whatever "wealthy" people we actually still have left, sooner or later they're going to run out of "wealthy" people, and then the hammer will come down on the rest of us. Well, not me. I'm leaving too. And I recommend others do the same. These densely populated states are not going to be pleasant places to be in the coming years.
- Statehouse Bureau -
It took about two minutes from the time Senate President Steve Sweeney certified the passage of the millionaires tax package for Gov. Chris Christie to veto the bills at his desk.
"While I have little doubt that the sponsors and supporters of this bill sincerely believe that the state can tax its way out of this financial crisis, I believe that this bill does nothing more than repeat the failed, irresponsible and unsustainable fiscal policies of the past," wrote Christie in his veto statement. "Now is not the time for more of the same. Ultimately, another tax increase will punish the state’s struggling small businesses and set our economy further back from recovery."
After the state Senate passed the bill, which had already passed the Assembly, Sweeney walked the bills down the hallways of the Statehouse, from the state Senate chambers to the governor's office. Once inside, he handed the bills to Christie, who was waiting.
"What took you so long ?" asked Christie spokesman Michael Drewniak.
Christie sat at a wooden desk emblazoned with the seal of the state of New Jersey and swiftly signed vetoes.
"We'll be back, governor," said Sweeney.
"Alright, we'll see," said Christie.
Democrats would need two-thirds majority in both houses of the Legislature to override the veto.
"This is something we're not going away on," said Sweeney. "This isn't theater, this isn't a gimmick."