Wealth Tax (H.827/H.828) - Feb 8, 2024
Cristobal Young (Associate Professor of Sociology, Cornell University) gave his presentation to the House Ways and Means Committee called ‘the Myth of Millionaire Flight” on Thursday. He first reviewed a case study he did from New Jersey, where he started his work on this topic. Back in 2003 New Jersey passed a millionaire tax (NJ has the highest percentage of millionaires in the country). It was the first tax of its kind and at the time New Jersey had marginal tax rates but raised them to nearly 9% in 2004. Neighboring Pennsylvania had a flat tax rate of 3%. There was concern about millionaires moving across state lines.