Tax Greed

Discussion in 'Economics' started by jeb9999, Sep 28, 2008.

  1. From The New York Times 09-28-2008:

    "New Jersey derives 40 percent of its income tax collections from 1 percent of its filers, according to Tom Vincz, a spokesman for the New Jersey Treasury Department. Last year the state collected $12.6 billion in income tax revenues, $8.4 billion in sales tax and $2.9 billion in corporate tax revenues, he said."

    Not exactly a broad based income tax when 1 percent of filers pay 40 percent of the tax. What happens to New Jersey income tax revenue when that 1 percent lose their jobs, move away or die.