Amended resolution of the Teaneck Democratic Municipal Committee to support
Governor Murphy’s millionaires tax proposal, 17 June 2019

Whereas, Governor Murphy has proposed a budget, with a Millionaires Tax, that supports a
progressive agenda for New Jersey as described in A Blueprint for the Middle Class; and

Whereas, Governor Murphy’s Millionaire Tax proposal extends the 10.75 percent tax rate
currently assessed on every dollar someone earns over $5 million to every dollar earned over
$1 million; and

Whereas, under New Jersey’s existing income-tax structure, the wealthiest residents would
continue to pay taxes at the 8.97 percent rate for earnings between $500,001 and $1 million;
and

Whereas, the Millionaires Tax will help overcome growing income inequality; and

Whereas, the Tax Cuts and Jobs Act of 2017 savings for the wealthy will far outweigh the added
Millionaires Tax; and

Whereas, the so-called “millionaire tax flight” myth used to oppose the tax has been repeatedly
debunked; and

Whereas, the notion that the wealthy are overtaxed is belied by the fact that the U.S. economy
functioned well in the 1950s with highest marginal tax over 90%; and
Whereas, it is high time that we begin to turn back the redistribution of wealth to the rich that
Republicans imposed on the country in the 1980s and have accelerated since; and

Whereas, In 2017, Teaneck residents voted overwhelmingly for Governor Phil Murphy, casting
8,580 votes (79 percent) for the governor and his progressive agenda; and

Whereas, the Millionaires Tax is incredibly popular in New Jersey with recent polls showing 72
percent in support; and

Whereas, The State Legislature, including legislators from District 37, has voted for the exact
same Millionaires Tax five times under the Christie administration; now, therefore, be it
Resolved, That the Teaneck Democratic Municipal Committee calls upon Senator Loretta
Weinberg, Assemblymember Valerie Vaineri-Huttle, and Assemblymember Gordon Johnson to
publicly support Governor Murphy’s Millionaires Tax proposal, and to advocate for it within their
respective caucuses.