The Rich Pay For New Jersey Budget

The AP reports:

While the income tax pays for about $1 of $3 in state spending, 42 percent of the state income taxes are paid by just 1 percent of the tax filers.

"That's a scary one for us," said state Treasurer Bradley Abelow. "There is an enormous amount of risk."

Richard Kaluzny, the assistant state taxation director, estimated 25 percent of the income taxes paid by the richest taxpayers comes from capital gains, business income, partnerships and stock options. He said about $1 billion collected annually from income taxes comes from capital gains.

It's kind of risky having your budget rely on so few people.