Lord Layard’s Joy Watch
Their plan would put a lid on property taxes based on income. If you make less than $100,000 a year, your property taxes would be a maximum of 5% of your income. Between $100,000 and $200,000 you would pay a maximum of 6% and there’s no limit on those making over $200,000. In order to make up for the loss in property tax income, the plan would raise state income taxes on “the wealthy”. Unfortunately, the plan defines wealthy as someone making more than $70,000 a year. In New Jersey, a family of a postal worker married to a school teacher makes more than that, and I wouldn’t exactly consider them rich. And if the state doesn’t raise the income tax high enough, the NJ Supreme Court will step in, point to the language in the NJ State Constitution about “thorough and efficient” education and order the state to raise income taxes even further
New Jersians are well on their way to being the happiest people on the planet.
Update Via Barcepundit, the joy spreads to Gibraltar.