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