As New Jersey’s Democratic Governor Phil Murphy continues his push for a millionaire’s tax on the state’s wealthiest residents, economic migration will only increase, Fox Nation host David Webb said Tuesday.
Appearing on “Fox & Friends” with host Steve Doocy, Webb said Murphy’s approach was nothing new and echoed failed attempts by former governors.
“The economics of this are ridiculous. Governor McGreevey, Governor Corzine…instituted a millionaire’s tax. Billions of dollars leave the state in total economic activity,” said Webb. “They didn’t get the message.”
Webb said New Jersey residents did this to themselves by voting for Murphy.
The tax has been a long-time goal of Murphy’s. Last year, the governor wanted to implement a millionaire’s tax with a top rate of 10.75 percent on people with incomes of over $1 million. However, amid disagreements with the state legislature and a potential government shutdown, Murphy agreed to sign the budget without it.
“He wants to capture more money. And, when people leave the state, including those making a million or even less, when they leave the state who gets left with the tab?” he asked. “Then, what do they do? Go back and tax the people again.”
“So, this keeps putting downward pressure, becomes a … regressive tax system … on everyone in the state,” Webb told Doocy.
Webb, a New Jersey native, said that economic migration from his home state has been happening for years and hurts residents.
Fox Business reported that New Jersey had the highest number of outbound migrations of all 50 states last year — at a rate of 68.5 percent. Additionally, the highest percentage of residents that left the state were wealthy. with nearly half of all outbound migrations occurring at income levels of $150,000 or more.
According to the Florida Chamber of Commerce, approximately 900 people a day are moving to the Sunshine State.
“Senate President Sweeney and a number of others don’t like the blowback they could get from this. So, yes. they are objecting to it. But, the fact is they’re simply finding more ways to tax New Jersians,” he stated.