bripat9643
Diamond Member
- Apr 1, 2011
- 170,170
- 47,323
Here's what I love about allowing states to perform most government functions: When the libturds get out of control they can be punished for their idiocy and greed by leaving the state.
Born to Run From High Taxes: Study shows wealthy NJ residents fleeing | Fox News
Born to Run From High Taxes: Study shows wealthy NJ residents fleeing | Fox News
New Jerseys high taxes may be costing the state billions of dollars a year in lost revenue as high-earning residents flee, according to a recent study.
The study, Exodus on the Parkway, was completed by Regent Atlantic last year but held for publication until after the November 2013 elections. The study stated it intentionally held its results as 2014 is not an election year for state legislators and it will hopefully encourage a serious and objective dialogue aimed at addressing and solving the challenges that New Jersey currently faces.
The study shows the state has been steadily losing high-net-worth residents since 2004, when Democratic Gov. Jim McGreevey signed the millionaires tax into law. The law raised the state income tax 41 percent on those earning $500,000 or more a year.
The inception of this tax, coupled with New Jerseys already high property and estate taxes, leaves no mystery about why the term tax migration has become a buzzword among state residents and financial, legal, and political professionals, the study, conducted by Regent states.
Democrats in New Jersey have been pushing for even higher taxes on the wealthy in recent years. They have failed three times to raise the millionaires tax even higher than McGreevey did under threat of a veto by Governor Chris Christie.
The study, Exodus on the Parkway, was completed by Regent Atlantic last year but held for publication until after the November 2013 elections. The study stated it intentionally held its results as 2014 is not an election year for state legislators and it will hopefully encourage a serious and objective dialogue aimed at addressing and solving the challenges that New Jersey currently faces.
The study shows the state has been steadily losing high-net-worth residents since 2004, when Democratic Gov. Jim McGreevey signed the millionaires tax into law. The law raised the state income tax 41 percent on those earning $500,000 or more a year.
The inception of this tax, coupled with New Jerseys already high property and estate taxes, leaves no mystery about why the term tax migration has become a buzzword among state residents and financial, legal, and political professionals, the study, conducted by Regent states.
Democrats in New Jersey have been pushing for even higher taxes on the wealthy in recent years. They have failed three times to raise the millionaires tax even higher than McGreevey did under threat of a veto by Governor Chris Christie.
