As a follow up to my post, New Jersey: It Used to Smell, Now It Just Stinks
Commenter Dwight adds:
I live in the southern part of New Jersey. My folks live in Massachusetts (aka, "Taxachusetts"). On a visit to my home some years ago, my dad saw my municipal tax bill. "Wow, that's a lot for one year!" he said. When I explained it was my quarterly tax bill, he was flabbergasted. I don't anticipate living here when we retire.And a trader friend emails:
As a NJ taxpayer, for approx 30 years (left for FL 6 years ago,) what is rarely mentioned in David Tepper leaving, etc., is that in addition to exceptionally high income taxes, NJ has the HIGHEST property tax rate, in the Country:
As an aside, NJ is one of the few "Gross Income Tax States," which basically means if you make money in one tax year, they collect their tax. But if you lose money the following tax year, they don't want to hear about it.
That is a huge disadvantage for a trader, who may literally make a lot of money in December; pay taxes; but lose that money in January. In the real world, the trader broke even, except that in NJ the tax paid on the December (prior year profit) is not refunded.