NJ wealthy are running???

[newtothegame]

And here I thought New Jersey was a liberal state....and liberals loved taxes....
I guess it really comes down to "as long as it isn't me paying for it" after all..:lol:

"New Jersey’s 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 shows the state has been steadily losing high-net-worth residents since 2004, when Democratic Gov. Jim McGreevey signed the millionaire’s tax into law. The law raised the state income tax 41 percent on those earning $500,000 or more a year".
more at the link....
http://www.foxnews.com/politics/2014/03/18/born-to-run-from-high-taxes-study-shows-wealthy-nj-residents-fleeing/?intcmp=latestnews

[mostpost]

And here I thought New Jersey was a liberal state....and liberals loved taxes....
I guess it really comes down to "as long as it isn't me paying for it" after all..:lol:

"New Jersey’s 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 shows the state has been steadily losing high-net-worth residents since 2004, when Democratic Gov. Jim McGreevey signed the millionaire’s tax into law. The law raised the state income tax 41 percent on those earning $500,000 or more a year".
more at the link....
http://www.foxnews.com/politics/2014/03/18/born-to-run-from-high-taxes-study-shows-wealthy-nj-residents-fleeing/?intcmp=latestnews
The study says that 87,630 people who filed taxes in NJ in 2009 filed elsewhere in 2010. In a state of almost nine million, that is one percent. Nationally, two percent of people move from one state to another every year.
Of course all residents don't file taxes, but it seems the percentage of those moving out of Jersey is about the national average. Just because a person moves to different state does not mean he moves because of taxes. Did Regent Atlantic contact each of those people and determine why they moved.

The study compares the annual salary of a person moving out of New Jersey ($74,000) with the salary of a person moving into New Jersey from Florida ($39,000) and concludes that a person moving into NJ makes half of what a person moving out makes. I have two comment on this.

One: People move into New Jersey from states other than Florida. In many of those states income is higher. You cannot just compare one state.

Two: If the average income in Florida is half the average income in New Jersey, then what is the benefit of moving to Florida to save 9% in taxes.

This same study claims that this is all costing New Jersey Billions in Revenue, but here are the actual tax collections from the NJ state income tax.

2009,,,,,,,,$10,663,000,000
2010........$10,332,000,000 a drop off , but was that due to people leaving or the great recession?
2011........$10,617,000,000 almost back to 2009 levels
2012........$11,128,000,000
2013........$11,800.000.000 estimated.


This so called study was conducted by Regent Atlantic, a financial investments firm with a vested interest in low taxes. Show me a study by a neutral organization.

[NJ Stinks]

I want to know how this study got somebody's net worth. You can't get it from a NJ State Income Tax Return. Nowhere on this income tax return is anyone asked to disclose their net worth.

Anyway, while I certainly agree that most people don't decide to move to NJ to enjoy their retirement years - unless they are moving to the Jersey Shore, I just don't know where the people who did this study got the figures for the basis of this study - somebody's net worth. Most people don't want their net worth known....

[mostpost]

I want to know how this study got somebody's net worth. You can't get it from a NJ State Income Tax Return. Nowhere on this income tax return is anyone asked to disclose their net worth.

Anyway, while I certainly agree that most people don't decide to move to NJ to enjoy their retirement years - unless they are moving to the Jersey Shore, I just don't know where the people who did this study got the figures for the basis of this study - somebody's net worth. Most people don't want their net worth known....
NJ, your presence in New Jersey disproves the theory that the very wealthy are leaving the state. Your salary at the IRS combined with your wagering prowess surely puts you in the top one tenth of one percent. :jump:

[Saratoga_Mike]

I want to know how this study got somebody's net worth. You can't get it from a NJ State Income Tax Return. Nowhere on this income tax return is anyone asked to disclose their net worth.



The source of the net-worth data is Bloomberg, LP. The inflow/outflow data is based on income tax returns, not the net worth stats. As part of the study, Regent interviewed trust and estate attorneys, CPAs and high net worth individuals (among others).

[NJ Stinks]

NJ, your presence in New Jersey disproves the theory that the very wealthy are leaving the state. Your salary at the IRS combined with your wagering prowess surely puts you in the top one tenth of one percent. :jump:

Mostpost, I'm movin' to Texas for the Taxes! :D

[NJ Stinks]

The source of the net-worth data is Bloomberg, LP. The inflow/outflow data is based on income tax returns, not the net worth stats. As part of the study, Regent interviewed trust and estate attorneys, CPAs and high net worth individuals (among others).

The sources of this study are dubious to say the least. Income tax returns simply do not reveal net worth in NJ and I doubt they do in any other state either. So I think that source is totally bogus. As for the attorneys and CPA's, what's their agenda? I don't know but I don't many CPA's who lean Democratic either.

Certain people retire and move out of NJ for a host of reasons. Pinning it primarily on high taxes sounds like a reach to me.

[Saratoga_Mike]

The sources of this study are dubious to say the least. Income tax returns simply do not reveal net worth in NJ and I doubt they do in any other state either. So I think that source is totally bogus. As for the attorneys and CPA's, what's their agenda? I don't know but I don't many CPA's who lean Democratic either.

Certain people retire and move out of NJ for a host of reasons. Pinning it primarily on high taxes sounds like a reach to me.

I already told you Bloomberg LP was the source of the net-worth stats. The crux of the study was the INCOME on income tax returns.

Yes, all CPAs are Reps. Therefore, they aren't credible. By extension, all professors are Dems/liberals. Therefore, in my mind, they aren't credible. So don't ever source another professor on climate change.

Finally please read the study. Thank you.

[NJ Stinks]

I already told you Bloomberg LP was the source of the net-worth stats. The crux of the study was the INCOME on income tax returns.

Yes, all CPAs are Reps. Therefore, they aren't credible. By extension, all professors are Dems/liberals. Therefore, in my mind, they aren't credible. So don't ever source another professor on climate change.

Finally please read the study. Thank you.

I read the part of the study where the source of the study was discussed. "Anecdotal" evidence was used from CPA's, lawyers, etc.

Recently retired rich people have moved from NJ to sunnier climes for as long as I can remember. One reason is no state income tax in Florida and another is to get away from harsh winters. So what's new, Mike? Other than the increase in state income tax rates in 2004 which was obviously the target of this "study".

[Saratoga_Mike]

The full study is available for free. Let's discuss after you've read it.

[NJ Stinks]

I read the full study. I agree that not allowing capital loss carryovers and the low exemption amount for exclusion from estate taxes are bad. I also think we have way too many school districts.

As an aside, Christie Whitman created the biggest part of our mess when she promised to cut taxes 30% across the board in order to get elected governor in 1994. To balance the budget after being elected and and yet cut taxes as promised, she stopped funding state employee pension plans unlike other governors did before her. Yes, Whitman actually took state employee pension costs out of the expense column when doing the state budget. Whitman is a Republican - a Republican who created the mess we are now in order to buy an election by cutting taxes.

[JustRalph]

I read the full study. I agree that not allowing capital loss carryovers and the low exemption amount for exclusion from estate taxes are bad. I also think we have way too many school districts.

As an aside, Christie Whitman created the biggest part of our mess when she promised to cut taxes 30% across the board in order to get elected governor in 1994. To balance the budget after being elected and and yet cut taxes as promised, she stopped funding state employee pension plans unlike other governors did before her. Yes, Whitman actually took state employee pension costs out of the expense column when doing the state budget. Whitman is a Republican - a Republican who created the mess we are now in order to buy an election by cutting taxes.

I hated that rino, we have something in common :lol: