Posted on 01/14/2018 5:13:29 AM PST by SMGFan
Higher taxes on millionaires coming this year?
Not so fast, says a report by the outgoing administration of Gov. Chris Christie.
The report, released Wednesday, warns of the financial repercussions of spooking wealthy residents into fleeing the Garden State. When the very rich leave, the report says, it has an outsized impact on New Jersey tax collections.
The report reflecting on 24 years of taxpayer movement in and out of New Jersey comes days before Gov.-elect Phil Murphy, who has said he wants to raise taxes on income over $1 million, takes office.
Christie himself has warned that wealthy residents are already fleeing New Jersey for lower tax states like Florida and any increase in the top tax rate -- currently 8.97 percent on income over $500,000 -- will fuel this outmigration.
(Excerpt) Read more at nj.com ...
I’ll bet that Christie moves to Florida, at least for half the year plus one day!
Sooner or later, they will run out of people to rob, er, tax.....
When facts stating that higher taxes on the rich did not net more tax income for the government, then President Obama said something like, “It’s not about money, it’s about fairness.”
It astonished me that liberals over and over will increase taxes and net less money, yet they keep doing it. The special taxes in Seattle are a case in point. Practically every social justice tax they’ve tried has backfired. But they keep it up, because it’s not about money...it’s about stupidity.
They will flee and go somewhere nice to fund liberal politicians there who implement failed policies and dumb decisions to ruin whole areas.
Chris Crisco knows you don’t kill the goose that lays golden eggs. His successor doesn’t.
Taxing the rich has worked so well in Connecticut - it’s only dropped income generated from taxes by $4 billion
Go for , NJ!
All they need to do in the PRNJ is raise the exit tax, and that will keep all the millionaires in the state. /s
I don't know if there is going to be as much of a physical outflow of people as there is of an inflow of Florida license plates on cars and Florida boat registrations. I expect that the state is going to see a substantial fall in tax revenues -- beginning in 2018.
Why does anyone stay in NJ, except that it might be cheaper than NYC? If you liked Philly you would move to PA. I do not know of anything in this state that recommends it. For me, it has never been anything more than an expensive drive-through on the way to somewhere else.
Massachusetts will be passing a “Millionaire’s” tax this year by instituting a Graduated Income Tax with the top rate being 9%.
Just like other states where this has occurred, the top earners will be skipping just across the boarder to the lower tax states.
NH will probably be a big beneficiary of Mass’s new income tax starting in 2019.
As long as they don’t come to Texas.
“NH will probably be a big beneficiary of Mass’s new income tax starting in 2019.”
Just what the formerly red state of NH needs..more Massholes.
With the exception of the Jersey Shore and the superb mini farms, aka gardens, much of NJ would qualify for what President Trump called Haiti.
Obviously, you have never been to NJ
Yes, some of the state is a S===hole, but over all it's a beautiful state, un-affordable but used to be a great place to live.
PARTS of New Jersey would qualify. Most of them (Camden, Newark, Trenton) have been run by the RATs for generations. There are a few lesser populated backwater rural areas that qualify as well, but they are disappearing with development.
Camden/Newark and Newark’s airport in the late 1960/70’s was like a third world area then.
I can’t imagine how bad those areas you mentioned, are now.
The new governor is an idiot. There was one rich person who fled New Jersey due to high taxes, and his leaving basically blew a $150 MILLION hole in the budget.
Does anybody have that pic of that guy trying to whack a fly off his nose with a sledgehammer?
And so will New Hampshire's Democrat politicians, as the new Massholes flocking into the state will typically vote Democrat once more.
Yes, it's Hell, but Hell with nice beaches, great pizza and the best tomatoes. It's also close to New York, if you work there, or like to visit. Why does Donald Trump spend the summer at his New Jersey residence?
Pennsylvania is better but it's still high at #15 for taxes versus #3 New Jersey.
Florida (#34), or Texas (#46) seem better choices than either.
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