[Alberta's Child]

Even Democrats are starting to realize that chasing wealthy people away is a terrible idea. These bloated state governments have gotten to the point where sound estate tax planning now includes clear directives on getting the hell out of any state with an estate or inheritance tax. It doesn't take a genius to realize that $0 in a taxable estate is going to yield $0 in revenue no matter how high the tax rate is.

Here's some even better news, too. High income tax rates are starting to get some scrutiny even in a Marxist sh!t-hole like New Jersey. Last year one of the wealthiest people in the state moved to Florida. If the estimates of his income were accurate, then the state may have lost somewhere between $50 million and $100 million in tax revenue from a single taxpayer. Poof! -- gone, just like that.

[proxy_user]

The maximum income tax rate in NJ is 9%. So he must have had an income between $500 million and $1 billion.

[Neidermeyer]

even in a Marxist sh!t-hole like New Jersey. Last year one of the wealthiest people in the state moved to Florida. If the estimates of his income were accurate, then the state may have lost somewhere between $50 million and $100 million in tax revenue from a single taxpayer. Poof!
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New Jersey chases after people moving away from the state by adding tax surcharges on the sale of a home if you don’t buy another in New Jersey... Millionaires moving away are forced to buy a token property AND LIVE IN IT OR AT LEAST GET MAIL DELIVERED THERE LONG ENOUGH TO CLAIM RESIDENCE to avoid enormous taxes on their home/estate that they sold when moving to Florida... They can then sell the token condo or slum shack and take a much smaller hit on that property.