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NJ’s Millionaires Always Welcome Up Here

If Murphy gets his way.

At the risk of being somewhat repetitive, I wish to point out that the $938,000 in school aid Belmar gets is crumbs compared to what Belmar residents contribute to the fund.  I contacted State Senator Mike Doherty’s office a couple of years ago to find out how much Belmar residents pay in state income tax every year and was told the state is very slow to release the numbers, even when a state senator asks for them.  They did tell me that for a fiscal year a couple of years before our conversation it was about $8.5 million.  I’m sure it’s over $10 million now.  The entire state income tax/school aid operation is a scam.  NJ would be much better off with zero income tax and zero state aid.

Murphy’s plan to to make millionaires pay for the funding gap is nuts, btw.  Even if most of them stay in New Jersey…and of course they’re more than welcome up here or in other low tax states…the incomes of the very wealthy are much more volatile than those of middle class wage earners, even in good economic times.  When an inevitable economic adjustment occurs, income tax revenues from the wealthy will go down a lot and New Jersey will be in crisis.

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