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How many more people will flee. Well Murphy is living up to his campaign promises.
NJ to impose 'millionaires tax' on residents earning $1M and upnypost.com › 2020/09/17 › nj-to-impose-millionaires-t...
21 hours ago - They now pay 8.97%, while anyone earning more than $5 million already pays the higher rate. New Jersey's millionaires comprise less than 3% ...
id love to see the net impact on the tax revenue. sure, you squeeze some more bucks out of some more people but if you lose 1 of them its hard to make up for that lost revenue.
How many more people will flee. Well Murphy is living up to his campaign promises.
NJ to impose 'millionaires tax' on residents earning $1M and upnypost.com › 2020/09/17 › nj-to-impose-millionaires-t...
21 hours ago - They now pay 8.97%, while anyone earning more than $5 million already pays the higher rate. New Jersey's millionaires comprise less than 3% ...
The speed and the probabilities for this to happen will depend greatly on a "bail out" from the Federal Government or the lack thereof. Pre Pandemic, the Finances of New Jersey were in dire straits. Covid-19, I'm afraid, is the catalyst that will stop, for better or worse, the can of being kicked down the road. There are some States like Ohio and certain pension funds managers proactively seeking to hedge against economic events (inflation-deflation-loss of revenue etc.). New Jersey unfortunately, not so much.
I can tell you that there are a number of family offices, angel and seed investors already planning their exit. And when that happens, they will do what you stated. What's really crazy is that these people double down on their efforts to unfairly balance a messed up budget, rather than think what policies brought about the flight and subsequent decline of tax base (revenue).
The speed and the probabilities for this to happen will depend greatly on a "bail out" from the Federal Government or the lack thereof. Pre Pandemic, the Finances of New Jersey were in dire straits. Covid-19, I'm afraid, is the catalyst that will stop, for better or worse, the can of being kicked down the road. There are some States like Ohio and certain pension funds managers proactively seeking to hedge against economic events (inflation-deflation-loss of revenue etc.). New Jersey unfortunately, not so much.
NJ is run "stupidly" and without care IMO.
NJ doesn't deserve a bail-out as the huge deficit will just come right back with a vengeance due to continued mismanagement IMHO.
Just like the poorer states need to fend for themselves verses getting federal monies IMO.
The speed and the probabilities for this to happen will depend greatly on a "bail out" from the Federal Government or the lack thereof. Pre Pandemic, the Finances of New Jersey were in dire straits. Covid-19, I'm afraid, is the catalyst that will stop, for better or worse, the can of being kicked down the road. There are some States like Ohio and certain pension funds managers proactively seeking to hedge against economic events (inflation-deflation-loss of revenue etc.). New Jersey unfortunately, not so much.
I can tell you that there are a number of family offices, angel and seed investors already planning their exit. And when that happens, they will do what you stated. What's really crazy is that these people double down on their efforts to unfairly balance a messed up budget, rather than think what policies brought about the flight and subsequent decline of tax base (revenue).
Even Christie knew (as much as a POS many think he is/was) as he said in a town hall, (paraphrasing) that if he raised taxes by a lot they'd be an exodus of the wealthy and tax receipts.
Even Christie knew (as much as a POS many think he is/was) as he said in a town hall, (paraphrasing) that if he raised taxes by a lot they'd be an exodus of the wealthy and tax receipts.
didnt cuomo recognize that recently? especially in cities like NYC where you have a tremendous welfare class being paid for by a much smaller wealthy group of people. if you lose 1 guy who makes $10 million, he is paying for the public assistance of a whole bunch of people. you lose him and now those people are spread among the remaining. its not the most sustainable model over the long term.
[quote=CaptainNJ;59192589]didnt cuomo recognize that recently? especially in cities like NYC where you have a tremendous welfare class being paid for by a much smaller wealthy group of people. if you lose 1 guy who makes $10 million, he is paying for the public assistance of a whole bunch of people. you lose him and now those people are spread among the remaining. its not the most sustainable model over the long term.[/quote]
THAT'S FOR SURE!
But those politicians involved will just keep on raising taxes to try to make it up - IMO it won't end well.
But those politicians involved will just keep on raising taxes to try to make it up - IMO it won't end well.
this is why people who support urbanized areas (like obama) have a problem with people moving out of the city to commute. they take away money to support the city's welfare programs. i believe there have been cities that have annexed their suburbs to try to keep that money for themselves.
btw, i hate to use obama because i dont want to seem partisan. i just recall him talking about people leaving cities as a problem.
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