While high-tax states deal with the fallout from the $10,000 cap on state and local tax deductions, New Jersey has considered imposing a millionaire’s tax on its wealthy residents.
Democratic Gov. Phil Murphy renewed a push to implement the tax – with a top rate of 10.75 percent – on people with incomes over $1 million…. “They can’t tax us anymore, the middle class is getting wiped out,” former “Saturday Night Live” cast member and New Jersey resident Joe Piscopo told FOX Business’ Neil Cavuto on Friday, adding that wealthy individuals are leaving the state “in droves.”
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