It seems that no tax is a bad tax when it comes to the “left” side of the government. It’s a well-known fact that the wealthiest Americans pay the largest portion of the country’s taxes. However, there are some government leaders that lean “right” who still think that the rich already pay more than their fair share of their income to the government.
To that end, Gov. Chris Christie of New Jersey recently vetoed more tax increases that would have raised the state’s tax bill by more than $1 billion. Meantime, Gov. Christie also noted that the need for serious tax reform across-the-board is overdue. Gov. Christie recently signed New Jersey’s budget and pointed out that the state’s richest 1 percent are already paying around 40 percent of the total tax bill.
Gov. Christie is concerned that if the state continues to increase the tax bill for the wealthy they will simply decide to live elsewhere. Gov. Christie also noted that the state lost around $70 billion in the five years after the last major tax hikes in 2003 and 2004.
There’s no question that the government already takes enough from the wealthiest people in America. At GROCO we agree with Gov. Christie that tax reform is needed and not more taxes to the wealthy. Although paying taxes is important, we focus on helping you keep as much of your money as you are allowed by law. Contact us today for help with your tax planning.
The post New Jersey Governor Says Enough is Enough on Taxing the Wealthy first appeared on Advisors to the Ultra-Affluent – Groco.
