By Matt Rooney | The Save Jersey Blog
It’s well-established that New Jersey lost something in the neighborhood of $18 billion due over the last ten years due to outbound migration; another frequently cited number during the McGreevey-Codey-Corzine years is $70 billion.
Those grisly statistics just got much uglier by a roughly 9-figure sum all due to the regrettable but 100% understandable decision of one very rich dude.
Sure, not everyone has lost their minds. “Every time there is talk about increasing taxes on the highest earners, we risk pushing more of them out of state, just as Mr. Tepper did, to states that don’t tax income at all,” explained state Senator Steve Oroho (R-24) this week in response to media analysis of Tepper’s big move. “Think of all the critical programs, including those that act as a safety net, that could have been funded by the taxes this one person would have paid. Instead, he’s found a simple and effective way to lower his New Jersey tax bill to zero. Think of the devastating impact to New Jersey if just a handful of others at high income levels follow his lead.”
He and his fellow Republicans continue to try to eat around the edges of a worst-in-the-nation tax climate but, as Save Jersey readers are painfully aware, the status quo is protected by the Democrat majority and their public sector union overlords. Oroho is sponsoring legislation to kill New Jersey’s estate tax (S-1728), raise the retirement income exclusion fivefold for New Jersey retirees (S-998), and establish a state income tax deduction for charitable contributions (S-1932). Those bills would help if they could get to the Governor’s desk.
Don’t get your hopes up.
“New Jersey has both an estate tax and an inheritance tax that many other states don’t have, we have among the highest income tax rates, and we don’t give deductions for charitable giving that could benefit the non-profits that serve as a safety net to our residents,” continued Oroho. “New Jersey has great assets, with so much to offer. Many people who have changed their residency to other states would truly love to continue to call New Jersey their home. Some may enjoy going to a warmer climate for the colder months, but just for a few months, and then return home to their families and friends. They are willing to pay a reasonable tax to enjoy all the benefits of New Jersey — not just at any and all costs. New Jersey has lost a total of $19 billion of adjusted gross income alone in just the last 10 years, and the exodus of this income is accelerating with the last year of available data being the worst yet. New Jersey can and must reverse this income exodus, if not, we risk losing more of our top taxpayers and having less resources to serve the people of New Jersey, which will put an even heavier burden on those who do not have the means to change their residency.”
Everyone knows at least a few folks who’ve fled New Jersey in search of liberty and prosperity. They’re voting with their feet. Now, however, when Democrats say we’re exaggerating for blaming the state’s fiscal dilemma on exclusionary tax policies, we don’t need to cite studies.
We need only utter one name: Tepper. Remember Tepper.
New Jersey Democrat policies – specifically, their obsession with holding up the millionaire’s tax as an answer for every problem – will NEVER work until they can figure out how to tax ghosts or circumvent the U.S. Constitution-protected fundamental right to vote with your feet. This isn’t a subjective theory or matter of opinion. It’s a documented reality. Wise up!
We’re paying a terrible price for Democrats kissing the public sector unions’ asses.