June, 20 2019, 12:00am EDT
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.
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Meta—the parent company of Instagram, Facebook, WhatsApp, and more—released a request for proposals to identify developers, citing its artificial intelligence (AI) innovation and sustainability objectives. It is "seeking developers with strong community engagement, development, ...permitting, and execution expertise that have development opportunities for new nuclear energy resources—either small modular reactors (SMR) or larger nuclear reactors."
The company isn't alone. As TechCrunchreported: "Microsoft is hoping to restart a reactor at Three Mile Island by 2028. Google is betting that SMR technology can help it deliver on its AI and sustainability goals, signing a deal with startup Kairos Power for 500 megawatts of electricity. Amazon has thrown its weight behind SMR startup X-Energy, investing in the company and inking two development agreements for around 300 megawatts of generating capacity."
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- Gazprombank (Russia)
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- Citigroup (U.S.)
- Goldman Sachs (U.S.)
- Morgan Stanley (U.S.)
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"Nearly three-quarters of future LNG export and import capacity has yet to be constructed," the report authors wrote. "This means that banks and investors can still act to put an end to the unrestrained support they offer to the companies responsible for LNG expansion."
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Progressive lawmakers joined advocates on Wednesday in denouncing Trump's selection of Long, who since leaving office in 2023 has promoted a tax credit that's been riddled with fraud and who spent his time in the House pushing to abolish the very agency he's been chosen to run.
As a Republican congressman from Missouri, Long repeatedly sponsored legislation to dismantle the IRS, which under President Joe Biden has recovered at least $1 billion from wealthy people who previously evaded taxes.
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