Trump praises NJ legislators for not passing ‘millionaire’s tax’

on Monday hailed New Jersey legislators for rebuffing Gov. Phil Murphy’s (D) effort to pass legislation that would have raised taxes on residents with more than $1 million in annual income.

“Congratulations to legislators in New Jersey for not passing taxes that would have driven large numbers of high end taxpayers out of the state,” Trump tweeted. “Many were planning to leave, & will now be staying. New York & others should start changing their thought process on taxes, fast!”

The New Jersey state Senate and Assembly passed a budget last month that did not include Murphy’s desired tax increase for high-income residents.

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Murphy signed the budget over the weekend, ending a standoff with moderate Democrats and Republicans and averting a government shutdown in the state. Democrats control both chambers of the legislature in New Jersey.

Murphy also unsuccessfully sought to increase fees for gun owners, opioid manufacturers and corporations that don’t provide employee health benefits, according to NJ.com.

The governor responded to Trump’s tweet on Monday by asserting that Trump “is fighting for millionaires like himself.”

Trump has been an advocate of tax cuts, and the main legislative accomplishment during the first two years of his presidency was the passage of a Republican-authored tax-cut law in December 2017.

Critics of the congressional legislation argued that it disproportionately favored wealthier Americans while ballooning the national deficit. The measure also capped the state and local tax (SALT) deduction, which hit high-tax states like New York, New Jersey and California particularly hard.

The Treasury Department and IRS issued final rules last month aimed at preventing residents of those states, most of which tend to vote Democratic, from working around the SALT deduction limit.

— Updated Monday at 12:21 p.m.

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Written by Alan Smith

Alan Smith

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