The Progressive


A project of Common Dreams

For Immediate Release

Fiona McCarthy,, 202-446-0489

New Jersey Professor and Patriotic Millionaire Condemns NJ Axe on the Millionaires' Tax

"Lawmakers are leaving an estimated $447 million in yearly revenue on the table thanks to the empty threats of a few tax-averse millionaires."

Trenton, NJ

Today, the New Jersey Assembly and Senate voted in favor of a budget that does not include the "millionaires' tax," a proposal backed by Governor Phil Murphy, which would raise taxes on individuals with annual incomes over $1 million. In response, adjunct professor at Columbia University, New Jersey resident, and Patriotic Millionaire Eric Schoenberg issued the following statement:

"New Jersey's legislature has made a monumental mistake in failing to pass the millionaires' tax today, and we continue to stand behind Governor Murphy in his fight to establish the tax. With this budget, lawmakers are leaving an estimated $447 million in yearly revenue on the table thanks to the empty threats of a few tax-averse millionaires. While this budget makes decent strides towards funding policies that would help all New Jersey residents, there's no excuse to forego millions that would be better spent on our infrastructure and education rather than sitting idle in the pockets of wealthy individuals like me.

The Democratic-led legislature argued that the millionaires' tax would unfairly affect wealthy New Jersey residents given the new caps on state and local tax (SALT) deductibility, but the truth is that millionaires in New Jersey have already been getting away with not paying their fair share for decades. Despite extensive evidence that wealthy people don't flee when their taxes go up, our lawmakers have listened to the bluffs of a few rich people over the needs of working New Jerseyians. Speaking as one of those wealthy residents, I intend to stay in New Jersey and fight for a budget that makes me pay my fair share once and for all."

The Patriotic Millionaires is a group of high-net worth Americans who share a profound concern about the destabilizing level of inequality in America. Our work centers on the two things that matter most in a capitalist democracy: power and money. Our goal is to ensure that the country's political economy is structured to meet the needs of regular Americans, rather than just millionaires. We focus on three "first" principles: a highly progressive tax system, a livable minimum wage, and equal political representation for all citizens.

(202) 446-0489