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Where Have All the Millionaires Gone?

July 15, 2010

Several states, including Maryland and New Jersey, have reported a decline in their millionaire population in the past couple of years, and advocates for cutting taxes have been quick to argue that this shows high-income residents are fleeing to other states with lower taxes.

Blaming the Victim Won’t Solve State Fiscal Crisis

July 8, 2010

Those who are blaming states for their severe budget shortfalls and arguing that Congress shouldn’t provide much-needed assistance until states “clean up their act” (here’s a recent example) are wrong on both counts.

For Richer or for Poorer?

June 23, 2010

When New Jersey Governor Chris Christie claimed that his proposed budget would “protect and care for the most vulnerable among us,” he apparently was referring to the state’s millionaires rather than its low-wage workers.

If You Tax Them, Will They Flee?

June 21, 2010

As Ezra Klein’s research desk explains, most studies show that rich people don’t flee higher-tax states for lower-tax ones and “the revenue generated by state tax increases on high earners overwhelms that lost from taxpayers’ leaving.” (Brad DeLong and Matthew Yglesias also discuss this issue here and here.) In fact, raising taxes on the highest-income households — a group that’s enjoyed the greatest rise in incomes and the greatest decline in taxes in recent decades — is a sensible and effective way for states to help offset the huge drop in revenues during the recession.

Proposed Cap No Solution to New Jersey’s Property Tax Problems

May 25, 2010

“For every complex problem there is an answer that is clear, simple, and wrong.” That line is often attributed to H. L. Mencken, and it’s certainly true about New Jersey, where Governor Christie is proposing a constitutional amendment to limit yearly property tax revenue growth to 2.5 percent.

Arizona Tax Vote a Victory for Reality Over Rhetoric

May 19, 2010

Despite all the harsh anti-government talk in Washington and around the country, voters in Arizona yesterday did something that will surprise lots of people: they said they wanted to pay more taxes.

What’s going on? Reality is trumping rhetoric — and not just in Arizona.

New Jersey Shows How Not to Balance the Budget

April 23, 2010

The deep cuts in public services and millionaire-friendly tax policies that New Jersey Governor Chris Christie has proposed have made him a poster child for good governance for conservatives like Fred Barnes and George Will. But his proposals also highlight — if unintentionally — the need for a better, balanced approach to meeting public needs despite a recession-fueled plunge in state revenues.

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