You Can’t Tax Ghosts

By Matt Rooney | The Save Jersey Blog

Hamlet_and_his_father's_GhostYet another independent, nonpartisan research study has proven what Trenton Democrats continue to stubbornly deny, Save Jerseyans: their policies drive taxpayers out of the state.

Regent Atlantic’s findings should provide a shock to the system of every policymaker with half a heart and some semblance of a functioning brain:

An analysis of income tax returns filed in New Jersey shows that taxpayers are changing their domiciles to lower-tax states. In 2010, there were 87,630 federal tax returns filed in states other than New Jersey by people who filed their 2009 tax returns in New Jersey. These 87,630 tax returns accounted for a loss of $5.5 billion in taxable income for New Jersey.

We’ve been watching this worrisome trend with great concern for awhile now. You can read the full report here.

One frequently-cited 2010 Boston College study found that, between 2004 and 2008 (the McGreevey/Codey/Corzine years), New Jersey lost an upwards of $70 billion to outward migration by literally taxing it away:

The wealth is not being replaced,” said John Havens, who directed the study. “It’s above and beyond the general trend that is affecting the rest of the northeast.”

This was not always the case. The study – the first on interstate wealth migration in the country — noted the state actually saw an influx of $98 billion in the five years preceding 2004. The exodus of wealth, then, local experts and economists concluded, was a reaction to a series of changes in the state’s tax structure — including increases in the income, sales, property and “millionaire” taxes.”

No one in power seems to care.

Buying votes is still cheaper than dealing with the reality of a state without any rich guys left to squeeze. The Legislature’s current leadership remains willfully blind to the carnage, ignoring uncontroversial tax reform proposals while unbelievably proposing new tax levies under the pretense of raising revenues. 

Good luck taxing ghosts, Mr. Speaker.

 

17 thoughts on “You Can’t Tax Ghosts

  1. Not only considered, I will be. I can’t stand it here. I have been here 9 years, moved here from California and have never met so many mean spirited people as in New Jersey…(Watch the flood gates open on the comments to prove my point…)

  2. Jersey is a good place to work if you can afford $10k a year in property taxes. Don’t know many people that can afford to stay here in retirement though.

  3. Yes I have. And I just might in like a year or so after I tie up some loose ends here that I have.

  4. My company is stuck in New Jersey; in fact, they just expanded. Maybe it’s time to start looking for comparable positions elsewhere…

  5. Who hasn’t. It’s only a matter of time before Matt Rooney launches The Save Delaware Blog.

  6. G-damn Right! My last act of futility will be before our car crosses the Delaware for the last time….step out an publically urinate on this side of the bridge, before leaving NJ …for FREEDOM! This State Sucks!

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