Wealthy People Leaving Jersey
Well here’s a problem I’ll never have. Making so much money that I have to decide if they’re unfairly taxing me too darn much and choosing whether to live in a lower tax state. According to a new report, it’s happening. The wealthy are leaving. But it’s rather short on direct proof. The report from RegentAtlantic Capital, a wealth management firm, says in 2010 alone New Jersey lost taxable income of $5.5 billion because of the wealthy moving away. They tie the state’s “millionaire tax” of 2004 which raised taxes on those making $500,000 or more per year. The four year period before that tax was enacted the aggregate net worth in the state increased by $98 billion. After the tax was enacted the report says the net outflow reversed “70 percent of the wealth gained in the prior four years.”
But there’s more to the story, and there are skeptics. To read the full article go here. Meanwhile I’ll be clipping more coupons.