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May 11, 2018

This may not be a good time to be a millionaire in New Jersey, at least according to a new poll from New Jersey Policy Perspective, an independent, nonpartisan think-tank. According to the survey, 70 percent of New Jersey voters support raising the income-tax rate on households making $1 million or more a year. That opinion was surprisingly bipartisan: 69 percent of independents and 51 percent of Republicans back the tax bump. The poll also found bipartisan support (67 percent) for raising income taxes on the top 5 percent of households.

Other findings that may have you counting your lucky stars that you’re not in the millionaires club:

  • 49 percent of New Jersey voters say they would be more likely to support their state representative if they supported raising taxes on millionaires, while only 20 percent say they are less likely to do so.

  • Over two-thirds of New Jersey voters (69 percent) support closing tax loopholes used by multistate corporations, including 71 percent of independents and 61 percent of Republicans.

  • A majority of voters (61 percent) support restoring the New Jersey’s estate tax on heirs inheriting $1 million or more.

  • New Jersey voters also strongly support a 3 percent surcharge on businesses with more than $1 million in net income (by a 26-point margin) and rolling back the recent reduction in the state sales tax (by a 13-point margin).

  • Voters oppose the new federal tax law by a margin of 14 points, with a clear majority (59 percent) believing it will mostly help the wealthy and corporations.

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