A Net Asset Tax On The Wealthy

July 21, '08

Dear New Jersey State Senator Steven Oroho,

Greetings on this glorious day! I hope you and the loved ones are in good health! I am writing to you about the New Jersey Gasoline Tax, and on increasing the aid to the disabled in the State Budget. Please consider instituting a net asset tax on wealthy individuals, businesses, and organizations to raise funds so that the NJ Gasoline Tax could be eliminated, and the the State Budget could be modified so that more help would go to those that are disabled. The net asset tax on wealthy individuals would be as follows: There would be a standard deduction for oneself of $5.5 million, and a $5.5 million deduction for one's spouse. There would be a $1.65 million deduction for each dependent under 19 years of age living at home. Only those individuals with net assets, after deductions, of $35 million would owe any taxes the first year the tax is instituted. Another feature of the tax would be that the tax would expire after nine years, and each year the deductions would increase by 33% automatically.
Net Assets (millions of $'s) - - -/ - - - Tax
35 - 126 - - - - - - - - .5% (half a percent)
126 - 453.6 - - - - - $455,000 plus 1% over $126 million
over 453.6 - - - - $3,731,000 plus 1.25% over $453.6 million

For the net asset tax on wealthy businesses and organizations there would be a standard deduction of $92 million, plus $179,000 per employee deduction. Also, all pension assets would be deductible. The net asset tax on wealthy businesses and organizations would look something like:
Net Assets (millions of $'s) - - -/ - - - Tax
252 - 907.2 - - - - - - .5% (half a percent)
907.2 - 3,265.92 - - $3.276 million plus 1% over $907.2 million
over 3,265.92 - - $26,863,200 plus 1.25% over $3,265.92 million

I urge you to support a net asset tax on wealthy individuals, businesses, and organizations, and to eliminate the NJ Gasoline Tax, and increase the funding to the disabled in the State Budget. Thank you very much for your time and consideration. May the good Lord bless you and the loved ones immensely, and grant you much wisdom at this time!

Sincerely,


A concerned citizen