He’s a little late. Most of the rich New Jersey people living in places like Far Hills moved out years ago. At one time, they lived in New Jersey and commuted to NYC because NJ had better tax rates. Those days are long gone.
I love stories like that.
I was working foe a public employee union in CA, they go out and denounce capitalism and rich people, etc. The day Facebook went public they were dancing in the aisles over how much tax dollars the state would get from the sale. What hypocrites!
I hope to do that to Ct late 16 early 17
He’s going to move to Florida where he’ll vote for and give money to the same tax hiking politicians that made New Jersey the Hell hole it is today.
Feel sorry for you peasants in Florida.
In the past, government revenue was ‘earned’ from tariffs and customs duties. Lincoln introduced a form of progressive income tax to pay for the US Civil War in 1861. Income tax continued until 1873, as it was viewed as a war-time measure. Except for the brief period of the Wilson-Gorman Act, there was no income tax until the Sixteenth Amendment was ratified in 1913. The government has continued to depend on that Amendment, for thr legislators, it remains the most popular Amendment.
In Canada, the government supported itself successfully through tariffs and customs duties until WW1. After three years of war, the government introduced income tax to support the war, as a ‘temporary measure’... ... Ninety-nine years on, it remains, so to the government, ‘temporary’ means something different than to the average citizen!
It's not like this is without precedent. From seven years ago in Maryland...
Millionaires Go Missing
Maryland's fleeced taxpayers fight back.May 27, 2009
Here's a two-minute drill in soak-the-rich economics:
Maryland couldn't balance its budget last year, so the state tried to close the shortfall by fleecing the wealthy. Politicians in Annapolis created a millionaire tax bracket, raising the top marginal income-tax rate to 6.25%. And because cities such as Baltimore and Bethesda also impose income taxes, the state-local tax rate can go as high as 9.45%. Governor Martin O'Malley, a dedicated class warrior, declared that these richest 0.3% of filers were "willing and able to pay their fair share." The Baltimore Sun predicted the rich would "grin and bear it."
One year later, nobody's grinning. One-third of the millionaires have disappeared from Maryland tax rolls. In 2008 roughly 3,000 million-dollar income tax returns were filed by the end of April. This year there were 2,000, which the state comptroller's office concedes is a "substantial decline." On those missing returns, the government collects 6.25% of nothing. Instead of the state coffers gaining the extra $106 million the politicians predicted, millionaires paid $100 million less in taxes than they did last year -- even at higher rates.
If the right 40,000 people in NY moved out the city and state would collapse.
Incredible how the NY Times views this story through their liberal prism. Most people reading it will logically deduct that Jersey’s most financially successful person left because he was taxed out of the state. The planet Times finds fault that he was financially successful in the first place and that he even existed.
In other words, they are going to come up with additional schemes to get more of rich people's money. Government will never be satisfied until they control all of our money and then they will decide how much you need, they'll give that amount back to you, provided that you cooperate with them.
Atlas Shrugged....
He’ll likely go offshore if Trump’s ‘hedge fund tax’ goes national.
How does one earn more than $6 billion in 4 years?!
...and much better winters.
Quoting Geo Will (re-quoted from Neal Boortz)...
...the tax destroyed 330 jobs in jewelry manufacturing, 1,470 in the aircraft industry and 7,600 in the boating industry. The job losses cost the government a total of $24.2 million in unemployment benefits and lost income tax revenues. So the net effect of the taxes was a loss of $7.6 million in fiscal 1991...
Much of the boating construction fled offshore, and never returned although the tax was repealed.
.
Tax the rich a little more
Tax the rich till the’re poor
Tax the rich every day
Then the rich will go away
Who do we tax when the rich are gone
Can we issue more state bonds
When the state misses the riches cash
The state will tax the middle class
How’s globalism working out of us?
The funny thing is that at no point did they even hint that with a big loss in revenue, they will have no choice but to cut spending.
Rush’s fault
Did he legitimately ‘earn’ $6 billion in 3 years?
I left NJ 10 years ago.
The handwriting was all over the wall like grafitti even then.