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 ...
If you removed the ribbon roughly 10 miles to each side of the NJ Turnpike, it would be a great state. (And probably vote about like Texas.)
New Jersey is acually a very nice place to live. The liberal politics suck but there are many conservative areas. By district most of the state tends to vote reddish but the urban districts with their large populations overwhelm the rest of the state.
It is an interesting place full of history. On my way to work I drive through 2 revolutionary War battlefields and pass 3 homes occupied by George Washington during the war. D. Trump spends many summer weekends about 4 miles from my house. Steve Forbes lives about the same distance away from me. Pretty cool.
The are 3 gun stores within 5 miles of my house and firearm ownership is fairly common despite the restrictive laws
NJ is like everywhere else. There is some good and some bad.
Yup, we’ll probably be a solid blue state during the 2020 election.
These morons will learn the first maxim of capitalism the hard way: money leaves where it is not well treated and goes where it is well treated.
The corollary to that is Gresham’s law: bad money drives away good money.
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