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If you live in Jersey, you need to vote or move! Democrat Phil Murphy wants free college for all, 1.3 billion in new taxes and wants New Jersey to be a sanctuary state, lol. Pretty sad that a governor candidate would rather appease illegals over taxpayers. So with the illegal economy booming, who's going to be able to legitimately compete while paying the third highest tax rate in the country?
New Jersey's Revenue Instability Exposed By David Tepper's Move To Florida
"When the departure of just one resident sends your state’s legislative budget office into a panic – it might be time to take a closer look at your tax policies. Such is the current predicament in New Jersey, where the relocation of hedge-fund manager David Tepper to Florida is causing serious concern among finance officers and legislators alike.
Of course, Tepper is not your average-income citizen. The 58-year-old, who runs Appaloosa Management, is valued by Forbes at $11.4 billion. His contributions to New Jersey’s tax coffers are so significant that legislative budget forecaster Frank Haines warns that Tepper’s move to Florida could generate “revenue uncertainty.” Acting New Jersey Treasurer Ford Scudder recently told the Senate Budget and Appropriations Committee that “the top 100 filers pay over 5.5 percent of all [gross income tax] payments” in the state, underscoring the impact a move like Tepper’s has on the Garden State economy."
"In New Jersey, personal income taxes account for about 40% of state revenue. Compounding the issue (and the instability) even further is the fact that less than 1% of taxpayers contribute about a third of those personal income tax collections. Haines adds that Tepper’s unexpected departure could mean a “one percent forecasting error in the income-tax estimate or a $140 million gap.” That’s huge for a state already in rather dire economic straits. According to the nonpartisan Tax Foundation, New Jersey imposes the nation’s third-highest tax burden. In addition to a super-high personal income tax (8.97% in Tepper’s bracket), residents also pay the nation’s highest property taxes and are subject to both an estate tax and an inheritance tax."
"Little wonder, then, that Tepper wants to ditch the Garden State for Florida, where he is subject to neither an income tax nor an estate tax. On the heels of Tepper’s southward move, New Jersey Assembly Republican Leader Jon Bramnick is calling for an overhaul of the state’s tax system. In an interview with the Associated Press, Bramnick said, “New Jersey can’t afford to keep losing taxpayers and businesses.”
Tepper may be the most high-profile migration in recent months, but Bramnick’s concern over losing taxpayers and businesses is supported by over two decades’ worth of data. Between 1992 and 2014, New Jersey lost $24.91 billion in net adjusted gross income (net AGI). Nearly 60% of that net AGI ($14.79 billion) went to – you guessed it – Florida. Clearly, it’s not just billionaires and hedge-fund managers who are seeking sunnier climates for their financial futures. It’s anyone who takes a look at how much they could save by making a move. (According to the website SaveTaxesByMoving.com, a single New Jersey taxpayer making $50,000 annually would save $1,215 per year by moving to Florida. If that money is invested at 6% interest until retirement at age 67, that taxpayer would have an additional $110,408 net worth – not exactly small change.)
https://www.forbes.com/sites/travis...y-david-teppers-move-to-florida/#1e399b9b7309
New Jersey's Revenue Instability Exposed By David Tepper's Move To Florida
"When the departure of just one resident sends your state’s legislative budget office into a panic – it might be time to take a closer look at your tax policies. Such is the current predicament in New Jersey, where the relocation of hedge-fund manager David Tepper to Florida is causing serious concern among finance officers and legislators alike.
Of course, Tepper is not your average-income citizen. The 58-year-old, who runs Appaloosa Management, is valued by Forbes at $11.4 billion. His contributions to New Jersey’s tax coffers are so significant that legislative budget forecaster Frank Haines warns that Tepper’s move to Florida could generate “revenue uncertainty.” Acting New Jersey Treasurer Ford Scudder recently told the Senate Budget and Appropriations Committee that “the top 100 filers pay over 5.5 percent of all [gross income tax] payments” in the state, underscoring the impact a move like Tepper’s has on the Garden State economy."
"In New Jersey, personal income taxes account for about 40% of state revenue. Compounding the issue (and the instability) even further is the fact that less than 1% of taxpayers contribute about a third of those personal income tax collections. Haines adds that Tepper’s unexpected departure could mean a “one percent forecasting error in the income-tax estimate or a $140 million gap.” That’s huge for a state already in rather dire economic straits. According to the nonpartisan Tax Foundation, New Jersey imposes the nation’s third-highest tax burden. In addition to a super-high personal income tax (8.97% in Tepper’s bracket), residents also pay the nation’s highest property taxes and are subject to both an estate tax and an inheritance tax."
"Little wonder, then, that Tepper wants to ditch the Garden State for Florida, where he is subject to neither an income tax nor an estate tax. On the heels of Tepper’s southward move, New Jersey Assembly Republican Leader Jon Bramnick is calling for an overhaul of the state’s tax system. In an interview with the Associated Press, Bramnick said, “New Jersey can’t afford to keep losing taxpayers and businesses.”
Tepper may be the most high-profile migration in recent months, but Bramnick’s concern over losing taxpayers and businesses is supported by over two decades’ worth of data. Between 1992 and 2014, New Jersey lost $24.91 billion in net adjusted gross income (net AGI). Nearly 60% of that net AGI ($14.79 billion) went to – you guessed it – Florida. Clearly, it’s not just billionaires and hedge-fund managers who are seeking sunnier climates for their financial futures. It’s anyone who takes a look at how much they could save by making a move. (According to the website SaveTaxesByMoving.com, a single New Jersey taxpayer making $50,000 annually would save $1,215 per year by moving to Florida. If that money is invested at 6% interest until retirement at age 67, that taxpayer would have an additional $110,408 net worth – not exactly small change.)
https://www.forbes.com/sites/travis...y-david-teppers-move-to-florida/#1e399b9b7309
