New Jersey Still Wants Millionaire’s Tax, Group Claims

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By Leslie A. Pappas

New Jersey voters still support a “millionaire’s tax” on wealthy individuals despite changes in the federal tax code, according to a new poll from a New Jersey advocacy group.

Seventy percent of New Jersey residents surveyed supported raising the income tax rate on households making $1 million or more, according to the poll, commissioned by New Jersey Policy Perspective, a self-described independent, non-partisan think tank that has voiced support for the millionaire’s tax in the past.

The poll results stand in contrast to the opinions expressed by some New Jersey lawmakers who have soured on the millionaire’s tax since the 2017 federal tax act ( Pub. L. No. 115-97) was passed. The new federal tax code limited taxpayers’ state and local tax deductions to $10,000. That’s a bitter pill for New Jersey, which pays the highest property taxes in the country.

New Jersey lawmakers passed proposals for a millionaire’s tax five times under previous Gov. Chris Christie (R), who vetoed all of them.

Current Gov. Phil Murphy (D) made the millionaire’s tax a key part of his campaign and continues to push for a tax on wealthy individuals, but support for the tax has waned since the federal tax overhaul.

Senate President Steve Sweeney (D) has said repeatedly during the past few months that tax hikes of any kind are now a “last resort.”

Even the NJPP’s poll shows a slight drop in support. When the group did a similar poll in 2017, it found that 75 percent of New Jersey voters wanted a millionaire’s tax.

The poll also found that 69 percent of voters support “closing tax loopholes” used by multistate corporations, and 61 percent support restoring New Jersey’s estate tax on heirs inheriting $1 million or more, the group said.

The poll of 600 likely 2021 New Jersey voters was conducted April 25-30 by Anzalone Liszt Grove Research using professional interviewers, New Jersey Policy Perspective said.

To contact the reporter on this story: Leslie A. Pappas in Philadelphia at lpappas@bloomberglaw.com

To contact the editor responsible for this story: Ryan C. Tuck at rtuck@bloombergtax.com

For More Information

The poll is at http://src.bna.com/yHR.

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