Higher Taxes Drive Wealthiest Away from NJ
The Christie administration is pushing back on Democrats’ efforts to revive a tax surcharge on New Jersey’s wealthiest residents. The Treasury Department released new data Monday showing that higher taxes drive out top income-earners.
Treasury’s chief economist Charles Steindel surveyed financial advisers this summer. Of 200 who responded, nearly half reported having advised personal or small business clients about leaving the state.
The survey found three-quarters of those looking to leave had six-figure incomes.
The most often cited reasons for them wanting to relocate? Income, property and estate taxes.
Democrats who control the Legislature say they will rejuvenate efforts to reinstate a millionaire tax. They say the tax would fund programs for the state’s most vulnerable residents, which Gov. Chris Christie has cut. Christie promises a veto.
(Copyright 2011 by The Associated Press. All Rights Reserved.)