This September, New Jersey Governor Phil Murphy enacted a budget deal with his legislature that increased state taxes on incomes over $1 million. As the country\u2019s second-richest state, this is a big win for progressive taxation. Governor Murphy explains what the tax revenue will go to, how it won\u2019t hurt businesses or cause wealthy people to leave the state, and why it\u2019s the right thing to do in the midst of a national economic crisis .\u00a0<\/p>
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Phil Murphy is the Governor of New Jersey. He was the U.S. Ambassador to Germany from 2009 to 2013.<\/p>
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Twitter: @PhilMurphyNJ<\/a> and @GovMurphy<\/a><\/p> Show us some love by leaving a rating or a review! RateThisPodcast.com\/pitchforkeconomics<\/strong><\/a>\u00a0<\/p> Further reading:\u00a0<\/p> Deal reached in N.J. for \u2018Millionaires Tax\u2019 to address fiscal crisis: https:\/\/www.nytimes.com\/2020\/09\/17\/nyregion\/nj-millionaires-tax.html<\/a><\/p> Why these millionaires are staying put despite a new tax on them: https:\/\/www.nytimes.com\/2020\/10\/02\/your-money\/wealthy-millionaires-tax-states.html<\/a><\/p> Who pays? A distributional analysis of the tax systems in all 50 states: https:\/\/itep.sfo2.digitaloceanspaces.com\/whopays-ITEP-2018.pdf<\/a><\/p> Do millionaires migrate when taxes are raised? https:\/\/inequality.stanford.edu\/sites\/default\/files\/media\/_media\/pdf\/pathways\/summer_2014\/Pathways_Summer_2014_YoungVarner.pdf<\/a><\/p> N.J. will borrow $4.5 billion as pandemic pain hits states: https:\/\/www.nytimes.com\/2020\/09\/24\/nyregion\/new-jersey-coronavirus-budget.html<\/a><\/p> Website: http:\/\/pitchforkeconomics.com\/<\/a><\/p> Twitter: @PitchforkEcon<\/a><\/p> Instagram: @pitchforkeconomics<\/a><\/p> Nick\u2019s twitter: @NickHanauer<\/a><\/p>\n \n
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