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Taxing The Rich, Wealthy Avoid New Jersey, Study suggests high-tax states pay a stiff price
Forbes ^ | 02.04.10 | Ashlea Ebeling

Posted on 02/04/2010 6:48:13 PM PST by Coleus

A new study suggests that states that target the rich for tax hikes may pay a stiff price.  It's not just that some wealthy people may flee those states. The bigger problem is that they won't move there.  At least that's the implication of a new analysis of wealthy folks' movements into and out of New Jersey from 1999 through 2008. In all, the state suffered a $70 billion net outflow in wealth from 2004 through 2008, compared with a $98 billion net inflow in the prior five years. The Garden State's reversal in fortune was due to a large drop in the number of wealthy households entering the state and a moderate increase in the number of wealthy households leaving.

"I hadn't expected to see such a big decline in wealthy people moving in," said study author John Havens, senior associate director of the Center on Wealth and Philanthropy at Boston College.  The loss in wealth in New Jersey coincides with a notable state tax hike. In 2004 New Jersey was one of the first states to adopt a "millionaires" tax, imposing an 8.97% rate on income over a half-million dollars. The major change in New Jersey wealth came from large reductions of immigration to New Jersey by wealthy households from foreign countries, New York state and Pennsylvania. Also the number of affluent and wealthy households who left the state rose while the number of less wealthy households who left dropped.

(Excerpt) Read more at forbes.com ...


TOPICS: Business/Economy; Government; Politics/Elections; US: New Jersey
KEYWORDS: millionaires; millionairetax; taxes; wealth

1 posted on 02/04/2010 6:48:13 PM PST by Coleus
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image

Where Not To Die In 2010
Will More States Target The Rich?

In Pictures: The 10 Highest State Income Tax Rates For 2009

The 10 Best Retirement Havens

2 posted on 02/04/2010 6:49:46 PM PST by Coleus (Abortion, Euthanasia & FOCA - - don't Obama and the Democrats just kill ya!)
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To: Coleus

They are just going to have to mandate that wealthy people live in these states.


3 posted on 02/04/2010 6:52:34 PM PST by beaversmom
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To: Coleus

“A new study suggests that -————”

Suggests?

SUGGESTS????


4 posted on 02/04/2010 6:55:48 PM PST by Exit148 (Loose Change Founder. A little goes a long way!)
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To: Coleus

Because the rich are seldom stupid about money.


5 posted on 02/04/2010 6:57:37 PM PST by Hugin (Sarah Palin,: accept no substitutes!)
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To: Coleus

Actions have consequences.


6 posted on 02/04/2010 7:01:50 PM PST by TASMANIANRED (Liberals are educated above their level of intelligence.. Thanks Sr. Angelica)
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To: beaversmom

The time it takes me to write this response is all the time it takes for a small business to transfer all of their business and personal money out of a high tax state into a competitive state.

See what I did there?

45 seconds flat, no money for you.


7 posted on 02/04/2010 7:02:13 PM PST by PittsburghAfterDark
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To: Exit148

You think that’s bad? The spin in NJ today was that it’s not really anything to be concerned about. It was 70 billion in wealth that left.

“We don’t tax wealth, we tax income,” said David Rosen, budget and finance officer for the Office of Legislative Services, to a Senate budget commission...

This is not satire, It’s New Jersey


8 posted on 02/04/2010 7:04:49 PM PST by whatexit
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To: Coleus

They put special taxes on the rich and then were surprised that they moved away? Only a liberal would be so stupid.


9 posted on 02/04/2010 7:09:37 PM PST by Blood of Tyrants (Truth - Reality through the eyes of God.)
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To: Coleus
I was shocked when Rush today was talking about some news on the amount of revenues from 2008 to 2009 from corporations, and he said it was 50 % down because of the new taxes, 50 % DOWN !
10 posted on 02/04/2010 7:10:43 PM PST by American Constitutionalist (There is no civility in the way the Communist/Marxist want to destroy the USA)
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To: Coleus

Soak the rich, all will be poor.


11 posted on 02/04/2010 7:11:10 PM PST by American Constitutionalist (There is no civility in the way the Communist/Marxist want to destroy the USA)
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To: PittsburghAfterDark

Also ? in the time you write this, how many businesses have gone out of business ?


12 posted on 02/04/2010 7:12:40 PM PST by American Constitutionalist (There is no civility in the way the Communist/Marxist want to destroy the USA)
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To: American Constitutionalist

Food for thought.


13 posted on 02/04/2010 7:16:56 PM PST by Ciexyz
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To: Coleus

Unfortunately, the reality is that the more wealthy people they drive out the fewer votes against them. The more poverty they create the more votes for them. Basic democratic politics here. Will it hurt the state in the long-term ? Of course but these are politicians, they only care about being re-elected.


14 posted on 02/04/2010 7:27:16 PM PST by Bigjimslade
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To: Bigjimslade
Unfortunately, the reality is that the more wealthy people they drive out the fewer votes against them. The more poverty they create the more votes for them. Basic democratic politics here.

Drowning people can only try diving deeper in the hope of finding air for so long. Eventually, physics wins.


Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.

15 posted on 02/04/2010 7:34:01 PM PST by The Comedian (Evil can only succeed if good men don't point at it and laugh.)
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To: Ciexyz

Yeah, after all is poor, food will only be “ a thought “


16 posted on 02/04/2010 8:10:11 PM PST by American Constitutionalist (There is no civility in the way the Communist/Marxist want to destroy the USA)
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To: Coleus

If I had a dollar every time I heard the statement “follow the money”......


17 posted on 02/04/2010 8:12:23 PM PST by onona (DBDBA)
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Does anybody know how to spell Duh in 3 letters or less?


18 posted on 02/04/2010 8:37:17 PM PST by dsrtsage (One half of all people have below average IQ...In the US the number is 54%)
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To: Bigjimslade

Yeah, and those of us in the middle class are caught...in the middle.


19 posted on 02/04/2010 9:36:51 PM PST by FatherFig1o155 (It's time to expose politicians for what they are. My soapbox is here: njconservative.wordpress.com/)
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To: whatexit
“We don’t tax wealth, we tax income,” said David Rosen, budget and finance officer for the Office of Legislative Services, to a Senate budget commission...

Then why did the wealth bother leaving, genius?

20 posted on 02/04/2010 9:50:27 PM PST by Mr. Jeeves ( "The right to offend is far more important than any right not to be offended." - Rowan Atkinson)
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To: Coleus

In Iowa we have a 9% rate starting at $61K.


21 posted on 02/04/2010 11:04:31 PM PST by exhaustguy
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