NJ Treasury Dept: Higher Taxes Drive Wealthy Out of State
Monday, November 14, 2011 - 03:26 PM
The New Jersey Treasury Department released data Monday showing that higher taxes drive out the state's top income earners.
The Christie Administration is using this data to push back on Democrats' efforts to revive a tax surcharge on the state's wealthiest residents — the so-called millionaire tax.
Treasury's top economist, Dr. Charles Steindel, surveyed financial advisers during the summer. Of the 200 that responded, nearly half reported having advised personal or small business clients about leaving the state. The survey found 75 percent of those looking to leave had six-figure incomes.
The most often cited reasons for people wanting to move out of state was income taxes, property taxes, estate taxes, retirement and housing costs.
Democrats who control the N.J. legislature say they will revive efforts to reinstate the millionaire tax, revenues from which could be used to fund programs that Governor Chris Christie has cut.
Christie has promised to veto any such tax.
With the Associated Press
Comments [3]
You don't need to be a millionaire to bridle at NJs high taxes. And for what? We have a very well paid public sector, two to three times the number of towns per capita, and well connected criminals who milk the system with boondogle, no show contracts. The honest tax payer needs their heads examined if they have options and decide to stay.
Except if you earn your income from one of these "rich" people. It's easy to raise taxes on others, especially if you are one of life's losers who never has to worry about being "rich."
Of course, we all know that the government always spends money more efficiently and effectively than "rich" people who earned it.
If ALL the states enact a millionaire tax, it will have no effect at all, except to raise much-needed revenue.
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