The case for a millionaires tax (with Governor Phil Murphy)

Pitchfork Economics with Nick Hanauer

Civic Ventures

Business, Government, News, Politics

4.8 • 1.5K Ratings

🗓️ 10 November 2020

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

This September, New Jersey Governor Phil Murphy enacted a budget deal with his legislature that increased state taxes on incomes over $1 million. As the country’s second-richest state, this is a big win for progressive taxation. Governor Murphy explains what the tax revenue will go to, how it won’t hurt businesses or cause wealthy people to leave the state, and why it’s the right thing to do in the midst of a national economic crisis . Phil Murphy is the Governor of New Jersey. He was the U.S. Ambassador to Germany from 2009 to 2013. Twitter: @PhilMurphyNJ and @GovMurphy Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Further reading: Deal reached in N.J. for ‘Millionaires Tax’ to address fiscal crisis: https://www.nytimes.com/2020/09/17/nyregion/nj-millionaires-tax.html Why these millionaires are staying put despite a new tax on them: https://www.nytimes.com/2020/10/02/your-money/wealthy-millionaires-tax-states.html Who pays? A distributional analysis of the tax systems in all 50 states: https://itep.sfo2.digitaloceanspaces.com/whopays-ITEP-2018.pdf Do millionaires migrate when taxes are raised? https://inequality.stanford.edu/sites/default/files/media/_media/pdf/pathways/summer_2014/Pathways_Summer_2014_YoungVarner.pdf N.J. will borrow $4.5 billion as pandemic pain hits states: https://www.nytimes.com/2020/09/24/nyregion/new-jersey-coronavirus-budget.html Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Transcript

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0:00.0	The governor of New Jersey, he has just enacted a millionaire's tax to try to take some of the terrible pressure off the middle class.
0:10.0	So anyone earning a million dollars or more, we're asking you to pay a few pennies more and we'll put every dime of that into the middle class.
0:17.3	If you care about the middle class, it's an obvious policy step. But guess what? It's good for the wealthy folks as well. It's a
0:24.4	better stronger society state and that's good for everybody.
0:29.4	From the home offices of Civic Ventures in downtown Seattle, this is Pitch Fork Economics with
0:37.6	Nick Hanauer. The podcast that reveals the trick in trickle- down economics. I'm Nick Henauer, founder of Civic Ventures. I'm David Goldstein, Senior Fellow at Civic Ventures.
0:57.0	We have a very fancy guest today, the governor of New Jersey, Governor Phil Murphy.
1:06.4	But first we have to offer a big thank you to our listeners because over 400 of you all over the US used our tool to send the
1:17.8	Rand report that we featured to your elected leaders.
1:22.6	And just to remind you, the Rand report
1:24.6	is this marvelous piece of economic research
1:28.4	that showed, among other things,
1:31.0	that $2.5 trillion per year has been redistributed upward from the bottom 90% of Americans to the top 1% of Americans it shows that for the median full-time worker who now earns $50,000 a year,
1:45.0	if they had been held harmless by the last 40 years of trickle-down economics
1:50.0	instead of earning 50, they would earn someplace between 90 and a hundred thousand dollars a year and it so important to get that word out and so thank you to you all who forwarded it on and if you didn't do it you can still do it by texting Rand R. A N D to 67076 on your phone or go to civic action.com slash Rand and follow the
2:16.8	prompts it's super fast and you can do it right now on your phone and it's so
2:21.2	important to get the word out.
2:22.6	And I tried the text version of this and it's really neat.
2:26.6	It's kind of fun.
2:27.8	How well it works.
2:28.8	So let your congress people know and give them permission to do the right thing come January.
2:34.7	Yeah. So Goldie, we're lucky to get to talk to the governor and he I think is doing a really good job in New Jersey,
	...

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