When the House Ways & Means Committee met on Wednesday Morning, Chairwoman Kornheiser revealed that they moved some items that were “hanging around” into their miscellaneous tax bill. Notably, this included a meals and rooms tax surcharge on short-term rentals.

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. 

The House Ways & Means Committee reviewed income tax analysis and the potential for a “wealth tax” on Tuesday with the Joint Fiscal Office (JFO). Chairwoman Kornheiser started the meeting by pointing out the Governor has not proffered a “revenue package” which, according to her, required by statute. When asked, she added that she has never seen one in his time in office.