Good Politics, Good Policy

The Democrats in the New Jersey statehouse have passed a bill to raise income taxes on people earning more than $1 million a year, and predictably, the wingnut governor is promising a veto:

Lawmakers in New Jersey’s Democrat- controlled Assembly voted to raise income taxes on residents earning at least $1 million a year, as Republican Governor Chris Christie said he’d veto the bill.

The chamber passed the measure 46-32 in a vote that broke down along party lines. Of 33 Republicans, 32 voted no. The Senate approved the bill 23-17 along party lines, setting up a showdown with Christie, 47, as the deadline approaches to have a balanced budget in place when the fiscal year ends on June 30.

“We’ve got a lot of people who can’t afford to pay their taxes” and need the rebates that the measure may restore, Assembly Speaker Sheila Oliver said before the vote. “Six- hundred thousand older adults would be better off.”

So now you have the Democrats lining up against Goldman Sachs traders, who get paid obscene amounts to screw their clients and other counter-parties with the guarantee of taxpayer money should they fail.

The optics are perfect, and the policy of making the wealthy pay for the damage that they cause, which has the side effect of providing a less recessionary impact on the state economy, is just plain good policy.

This is a win-win, and Dems should jam up Republicans like this more often.