Friday Facts and Figures is a brief digital newsletter focusing on data points from NJPP reports, research, and policy debates in New Jersey and beyond.
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2 Million
Earlier this week, Donald Trump proposed a $4.7 trillion federal budget with major cuts to the social safety net. The budget proposal would repeal the Affordable Care Act and slash funding for Medicaid and Medicare, threatening the health care of 2 million New Jerseyans. As NJPP’s Ray Castro told NJ.com, “President Trump’s budget takes New Jersey in the wrong direction by making life much harder for those already struggling to make ends meet. It would take health coverage away from millions, worsen poverty, and deepen economic and racial inequity.” [NJ.com / Jonathan D. Salant]
13.3 Percent
California has the highest income tax rate on top earners at 13.3 percent — and it still attracts and retains wealthy residents. According to a new study by Stanford University, more wealthy people are moving to California than leaving. While the state is experiencing net out-migration among many demographic groups, it has gained high-earning individuals and those with graduate degrees. Add this to the long list of studies busting the millionaire tax flight myth. [Los Angeles Times / George Skelton]
1st
Now that we’ve busted the millionaire tax flight myth (again), can you guess which state has the most millionaire households per capita? If you guessed New Jersey, you’re correct! The Garden State ranks first in the nation in households per capita with over $1 million in investable assets. By this metric, New Jersey has 293,992 millionaire households, making up 8.95 percent of the state’s total households. This is the first time since 2010 that Maryland did not lead the nation in millionaires per capita. Note that only a fraction of these households would be impacted by the proposed millionaires tax, which is a marginal tax rate on earnings over $1 million. [MarketWatch / Catey Hill]
1 Million
School funding matters for student education outcomes, according to a new NJPP report by Dr. Bruce D. Baker of Rutgers University. The report analyzes the impact of New Jersey’s School Funding Reform Act (SFRA) over the last ten years and finds that nearly 1 million students attend schools in districts that are underfunded. To ensure better education outcomes for these students, New Jersey must fully fund SFRA and ensure local districts meet funding gaps if they fall below adequacy targets. [NJPP / Dr. Bruce D. Baker and Mark Weber]
115,000
Earlier this week, House Democrats introduced the “Dream and Promise Act,” which would allow DREAMers and Temporary Protected Status (TPS) holders to remain in the US for at least 10 years. According to analysis by NJPP’s Erika Nava, this proposal will impact approximately 115,000 New Jersey residents, including just over 100,000 DREAMers and over 10,000 TPS holders from El Salvador, Honduras, and Haiti. The bill has 208 House sponsors, including eight representatives from New Jersey. [NJ.com / Jonathan D. Salant]
ICYMI
Register now for an early-bird discount to Progress2019: New Jersey on the National Stage. This is NJPP’s annual policy conference and our biggest event of the year. Join us for a lively conversation with state and national policy experts on ways to strengthen New Jersey’s assets and the broader economy. [Register Now for Progress2019!]
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