Assembly Majority Leader Joe Cryan and Budget Committee Chairman Lou Greenwald today took the first step toward closing any potential loopholes in New Jersey’s tax structure that might be exploited by the state’s wealthiest residents, as detailed by Christie administration officials in Sunday’s Star Ledger story.
The article focused on the impact that a millionaire’s tax may or may not have in forcing some of the state’s wealthiest to flee New Jersey. Treasury Department officials claim the millionaire’s tax would do little to increase revenue for the state because, “Once you start taxing people, they start finding ways to get more exemptions.”
In response, the legislative leaders today sent a letter to State Treasurer Andrew Sidamon-Eristoff today asking for a detailed explanation of the exemption “loopholes” that are being exploited so that the Legislature can craft measures to help end this exploitation.
“If the Treasury Department is well aware of these loopholes and has done nothing to close them, it would appear that the Christie administration is turning a blind eye to this exploitation in yet another attempt to protect their rich friends,” said Cryan (D-Union).
“It’s disturbing that the administration has taken such a laissez-faire approach to the known exploitation of our tax system by some of the state’s richest residents,” said Greenwald (D-Camden). “It’s time we put an end to this practice.”