1. People from New Jersey have been moving to Pennsylvania and Florida for years. People move to Pennsylvania for cheaper housing (but many of them still work in New Jersey anyway, which means they pay New Jersey income taxes). People move to Florida when they retire, which means they are past their prime earning years anyway.
2. The bigger problem New Jersey faces is that a lot of their professional class is moving to places like Virginia, North Carolina and Texas. These moves are driven mainly by relocations of employers, which is a very big problem in the long term.
3. For the "richest of the rich," what is likely to be the final nail in the coffin is the growing political pressure to reduce or eliminate the property tax exemptions for agricultural land in the rural areas of some of the wealthiest counties in the country (Morris, Somerset and Hunterdon). Once this happens, there's a huge financial incentive for someone like Steve Forbes, Woody Johnson or Michael Price to get out of the state.
I don’t see why citizens do not pass referenda outlawing state income taxes.
“The bigger problem New Jersey faces is that a lot of their professional class is moving to places like Virginia, North Carolina and Texas. These moves are driven mainly by relocations of employers, which is a very big problem in the long term.”
Guilty. I fled as soon as I was able to work remotely.