A white paper from investment advisory corporationRegentAtlantic finds that New Jersey is losing high percentages of its revenue to wealthy residents moving out to states like Pennsylvania and Florida in the hopes of escaping the highest taxes in the nation.
New Jersey reached record levels of debt last year and Moody's lowered its outlook for the state, citing insufficient revenue to maintain the burdensome state infrastructure that boasts an unwieldy number of public pensions and municipal governments. Moody's chided Chris Christie's administration for its "sluggish" recovery from the late-2000s recession and blamed the state's insufficient revenue for the problem. As a result, Democrats in the state are pushing for higher taxes on the wealthy to generate more revenue.
RegentAtlantic finds in their recently-released white paper that much of the reason for the low revenue intake is that the state's tax burden is disproportionately upon the shoulders of the wealthy, a high percentage of which are simply moving out and taking their money with them.
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Publishers Notes: Is Maryland next?
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
6 comments:
Guess they wont be moving to MD...we are probably second....and im one whos planning to move south...
It's already happening in Maryland. Democrats believe in taxing people to death.
Recall the MD Millionaire Tax? And how over 1,000 of the 'intended victims' turned up missing or poorer the next tax year?
Folks with assets also have the ability and motivation to move to better (fairer & lower) tax states.
NJ, like westerns shore MD, must have a negative IQ test as a requirement to run for legislature!
there's a mass exodus taking place in the "socialist republic of Maryland" as you read this. it's been ongoing for at least 4 years...oh well.
I made FL my permeant residence a few years ago. No state income tax, no snow and you can build a home right on the water - not 100+ foot set back. I only am required to be in FL six months out of the year to enjoy no state income tax and no snow. I am a from here that still loves the eastern shore but am willing to be in FL for six months during the winter to not pay MD income tax. FL CCW permits are issued without any hassles. If things get any worse in MD, I plan on selling my properties there and getting out of MD totally.
7:36 - the negative IQ to run folks also depend on the negative IQ folks to continue to elect them.....
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