A Net Asset Tax On The Wealthy

Dear Assemblyman Gary Chiusano,

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, and on instituting a net asset tax on wealthy individuals, businesses, and organizations. Funds would be raised by instituting a net asset tax so that the NJ Gasoline Tax could be eliminated, and the Stat Budget could be modified so that more help would go those that are disabled. The net asst tax on wealthy individuals could 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, and 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 was 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 for your time and consideration. Mat the good Lord bless you and the loves ones greatly, and grant you much wisdom also!

Sincerely,


A concerned citizen