Being rich seems fun.
I thought Republicans were in charge of cutting taxes for the wealthy. Not anymore, not if Speaker Craig Coughlin gets his way.a bill that would cut taxes for some of New Jersey’s wealthiest homeowners at an annual cost of $2 billion, through the legislature. Coughlin’s looking to goose Dems performance in the suburbs this November and spreading tax cuts around might just do the trick, but the cost is higher than $2 billion.
Don’t miss an issue of our Opinion newsletter! Get it delivered each Wednesday right into your inbox by adding your email below and hitting"subscribe."The benefits of the cuts would overwhelmingly benefit wealthy senior homeowners, and with government so often being a zero-sum game that means it would disproportionately harm middle and low-income households. StayNJ doesn’t pass the smell test.
Gov. Murphy, to his credit, has been vocal in pointing this out, but he and Coughlin are appealing to two different demographics. Murphy has relied on racking up votes in urban districts and Coughlin needs the suburbs to maintain legislative control. Murphy is in his second term with an eye on national office and Coughlin is, presumably, sticking around Trenton. Same party, different priorities.
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