RealClearMarkets - Articles - First the Politicians Come After the Rich...

RealClearMarkets - Articles - First the Politicians Come After the Rich...: "Several years ago New Jersey attempted to solve its persistent budget problems with a tax increase on those making more than $500,000 a year. But since Jersey still has budget problems, Gov. Jon Corzine recently proposed targeting a new group for a major tax increase: households earning $150,000. In high-cost Jersey, where a construction worker married to a nurse might be a $150,000 a year household, about 15 percent of all families will see taxes rise under the governor’s new proposal to eliminate their property tax deductions. These folks already pay more than two-thirds of the state’s income taxes and that proportion is going up—maybe way up."