Posted on 04/10/2016 6:13:49 AM PDT by NYRepublican72
One man could cause a budget crisis in New Jersey — by moving out of the state.
Billionaire David Tepper has moved from New Jersey to Florida, and the loss of his income tax could leave a $140 million hole.
The 58-year-old founder of the hedge fund Appaloosa Management — who Forbes estimates is worth $11.4 billion — registered to vote in Florida in October, listing a Miami Beach condo as his permanent address, and he filed a court document in December declaring himself a resident of the tax-friendly state.
He also opened a branch of Appaloosa in South Beach, though the headquarters will remain in Short Hills, NJ.
The move could leave a devastating deficit in New Jersey’s income-tax revenue, Bloomberg News reported.
(Excerpt) Read more at nypost.com ...
I am just shocked he didn't leave earlier.
Maybe NJ should pass a law forbidding this.
L
Liberals fail to realize that the rich want to protect their money just like you and I. Keep taxing the bejaggers out of them and they figure out a way to avoid the high taxes. Rich people aren’t rich because they are stupid. Liberals are.
yes, but is he a liberal who will infect Florida or not?
I’m from NYC. Nephew moved from NJ to NC.
My favorite nephew but he has been indoctrinated regarding gay marriage.
He also says dems’ ideas on spending are insane.
So at least I got him to consider voting republican or he says he will not vote at all.
It’s the best I could get for you NC people right now. I’m still working on him.
Florida is not my cup of tea. But for $140,000,000, I could get used to sunshine in the Winter.
I’m pretty sure losing 140 million dollars won’t destroy NJ.
Rush’s fault
And call it Directive 10-289.
They already have.
Apparently, there are additional taxes due to NJ if you sell your house within three years of changing your residence to another state.
This does not effect the super-rich, of course. They probably maintain the NJ house as a vacation place, anyway. But it does catch the middle-class taxpayer right in the teeth.
For most middle-class NJ taxpayers, the house is the biggest single store of wealth. NJ wants a big chunk of that money when they leave.
$140 Million here... $140 Million there... And pretty soon we’re talking about real money!
A similar situation unfolded when NY’s governor David Paterson said NY didn’t need Rush Limbaugh. He promptly packed up & moved to Florida (which has no state income tax), and both New York State and New York City lost out on income tax revenue on his millions. He has a radio show; it truly doesn’t get more portable than that.
People should have realized how reliant these areas were on income taxes when after the bank bailouts, both the NY governor and NYC mayor begged the government to pay bonuses to the executives of the bailed-out banks; they desperately needed Caesar’s cut of those bonuses, and the morality of simply passing taxpayer dollars along to them was irrelevant to them. They had the audacity to publicly request those bonuses without blinking an eye...
No, but the next step is to move his headquarters out of NJ and that will leave a mark.
Do you have the name/number of that law? I’m in nj and what to research it.
one can only wonder, why Miami?
(I’m pretty sure losing 140 million dollars won’t destroy NJ.)
It won’t. They’ll just raise the taxes on everyone else to cover the difference.
It reminds me of what Mike Bloomberg said when he was mayor of new york city. He said that out of the city’s 8 million residents, only 40 thousand of those residents pay for about 50 percent of the city’s tax revenues.
http://www.freerepublic.com/focus/news/2189727/posts
Let Joisey pass a law forbidding welfare and any other freebies to Muslims living in their stata And also double the array of state taxes payable by said Muslims.
Problem solved.
My consultation bill is in the mail.
;-)
But....but....I thought the mean, evil rich people didn't pay their fair share of taxes.
I don’t. I’ll see if I can look it up.
I am a NJ lifer, and have no illusions about ever escaping, so I have not really worried about this law. I have heard a lot of my friends and coworkers griping about it, though.
Search New Jersey Exit Tax.
Maybe NJ should take a page out of the fedgov’s playbook and give the Department of Revenue sole discretion to determine if someone is leaving the state for tax avoidance reasons to levy a tax of 50% on all the person’s assets.
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