Posted on 03/18/2014 12:32:30 PM PDT by Hojczyk
New Jersey’s high taxes may be costing the state billions of dollars a year in lost revenue as high-earning residents flee, according to a recent study.
The study, Exodus on the Parkway, was completed by Regent Atlantic last year but held for publication until after the November 2013 elections. The study stated it “intentionally” held its results “as 2014 is not an election year for state legislators” and it will “hopefully encourage a serious and objective dialogue aimed at addressing and solving the challenges that New Jersey currently faces.”
The study shows the state has been steadily losing high-net-worth residents since 2004, when Democratic Gov. Jim McGreevey signed the millionaire’s tax into law. The law raised the state income tax 41 percent on those earning $500,000 or more a year.
“The inception of this tax, coupled with New Jersey’s already high property and estate taxes, leaves no mystery about why the term ‘tax migration’ has become a buzzword among state residents and financial, legal, and political professionals,” the study, conducted by Regent states.
Democrats in New Jersey have been pushing for even higher taxes on the wealthy in recent years. They have failed three times to raise the millionaire’s tax even higher than McGreevey did under threat of a veto by Governor Chris Christie.
(Excerpt) Read more at foxnews.com ...
The Boss would never leave Jersey! He loves the Rats he helps put in office and loves their high taxes even more!!
The tax was strategically designed to affect as few people as possible. There are just not that many people with an AGI over $500K, even in NJ.
It is probably the property taxes that are the biggest driver.
Notice how Bergen county and so many of the other upper class areas are ‘rat voting limo libs. Now they won’t pay the taxes the people they vote for raise. Just like the Massholes in New Hampshire they bring the same politics they run from into their newly adopeted states. Even if they are Republicans they are probably calling up their GOP congressmen to advocate amanesty. To heck with them.
Bruce Springsteen is the very definition of a “LIMOSUINE Riding LIBERAL”. What a fraud.
A lot of them come here to PA where our State Constitution mandates a flat tax.
Thank God! The country already has enough attitude to go around.
That’s what I’ve been seeing. The property taxes are outa control.
Going Galt..........................
I once heard that he owns $200 million in triple-tax-exempt NJ municipal bonds.
Anybody seen his state tax returns to confirm where he “legally” lives?
Noted the link was to “Semi-Satire” but it may eventually get to that point. I was at a luncheon with the former county treasurer (’rat), who stated to our group that 46% of county real estate tax goes to servicing county pensions. City of Chicago pensions added to Cook County pensions would probably double, if not triple, real estate taxes.
Gee, ya think? How totally unexpected...NOT.
“Congress is not empowered to tax for those purposes which are within the exclusive province of the States.” —Justice John Marshall, Gibbons v. Ogden, 1824.
So NJ lawmakers, who are probably as constitutionally clueless as the low-information voters who elected them to office are, likewise probably don't understand that much of the federal taxes that rich NJ residents are paying should never have left the state in the first place. In fact, such taxes are arguably state revenues that could substitute for the high taxes that rich residents are trying not to pay.
The average millenial knows far more about “climate change” than the US Constitution.
Where is FAT BOI?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.