Back in the old days, driving through New Jersey heading into New York City, you would hit a stench from industrial air pollution, as a result of the chemical plants and the oil refineries that, was unbearable. Kids in cars with their parents would hold their noses when passing through the area.
I don't know how people lived there at the time.
That stench is now gone, but there is something else in the Garden State that stinks now and it is causing people to flee.
Murray Sabrin emails:
Taxes matter, despite what the New Jersey Policy Perspective says. The exodus will accelerate. NJ is becoming one of the least attractive states for wealthy families and retirees.And he includes a link to a story about billionaire hedge fund manager David Tepper leaving the state for Florida:
The departure of one New Jersey resident to Florida has gotten so much attention that lawmakers are calling for changing the state's tax structure, and a key legislative forecaster is raising concerns over revenue uncertainty.-RW
The spotlight turned to hedge fund manager David Tepper this week when legislative budget forecaster Frank Haines cited the billionaire's move to Florida as a potential factor in how much income tax revenue the state brings in. Income tax revenues make up the biggest share of cash in state coffers, and a shift in projections of as little as 1 percent amounts to about $100 million, forecasters say...
"If a very wealthy individual — potentially a significant taxpayer to the state — relocates and relocates not only as we've been reading about it but really relocates for tax purposes ... beyond our reach, then that's something to be aware of," said Haines, the legislative and budget finance officer.
Tepper's move spurred Assembly Republican Leader Jon Bramnick to call for an overhaul of the state's tax system.
"New Jersey can't afford to keep losing taxpayers and businesses," Bramnick said.
UPDATE
More On New Jersey Taxes
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.
ReplyDeleteBREAKING: New Jersey lawmakers pass new tax on residents who leave the state.
ReplyDelete"If you made your money in the Garden State, it is your civic duty to pay your fair share. Tax dodgers will be fleeced, cooked and eaten like a scrumptious baby lamb," said Gov. Chris Christie in a statement.
New Jersey-born socialist rock icon Bruce Springsteen will move from his $14 million LA mansion to play free of charge at the Meadowlands 3 times a week until state coffers are full.
Springsteen insists the lyrics to Born to Run, which have become the battle cry of fleeing Garden State residents, were not written about the state's smothering tax burden.
Baby this town rips the bones from your back
It's a death trap, it's a suicide rap
We gotta get out while we're young
`Cause tramps like us, baby we were born to run