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Chris Wysocki
Caldwell, NJ
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Hey! I've moved to He's Pretty Fly For A Jersey Guy.
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Tuesday, 15 November 2011
More proof that high taxes chase rich people away
I've said it before, high taxes chase rich people away. And now there's another study out which correlates a direct link between class warfare and wealth migration.
New Jersey's high taxes drive out the state's wealthiest residents, slowing economic growth, according to report issued Monday by the Christie administration's chief economist.
The new report is the latest attempt to understand the migration patterns of one of New Jersey's studied and debated species: the wealthy.
"Our analysis of the New Jersey 2004 'millionaires tax' suggests that, over time, migration effects could offset a meaningful share of the revenue boost," chief economist Charles Steindel wrote.
Steindel argues that Democratic Gov. James E. McGreevey's millionaire's tax in 2004 caused 20,000 taxpayers and $2.5 billion in gross income to leave the state.
Steindel also released the results of a survey of subscribers to the state's online newsletter, which includes financial advisers to high-wealth clients. More than half of the respondents said their clients had recently left or expressed interest in leaving, Steindel said.
Three-fourths of those who expressed interest in leaving have annual incomes over $100,000.
Go ahead, tax the rich. But what are you going to do when there aren't any
rich people left?
Posted at 12:59 by Chris Wysocki
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