Christie: Raising Taxes of Wealthy a 'Failed Idea'

Gov. Chris Christie says Americans who think raising taxes on the rich is a good idea are "wrong" – asserting the strategy has already proved to be a failure.

In an ABC News-sponsored debate of GOP presidential candidates Saturday, the New Jersey executive said a tax hike on the wealthy in the Garden State merely pushed those residents out of state.

"I just want to say" to anyone supporting raising taxes on the rich, "you are wrong," he said. "After New Jersey raised taxes on millionaires… $70 billion in wealth left our state."

"It's a failed idea," he added. "It will hurt the American economy. It did not work in New Jersey. Come take a look."

An Associated Press poll a year ago found 68 percent of those questioned said wealthy households pay too little in federal taxes.

Former Florida Gov. Jeb Bush added he'd like to see "more millionaires."

"The notion that we're under-taxed is foolhardy," he added. "We need to reform things… We need to be on the side of working people. … everything we should do should be aimed at this."

The Associated Press contributed to this report.

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