Other people never seem to learn the lesson.
Cal Thomas writes about Unlearned Lessons. His point is that politicians often don't realize that when taxes get too high people will start moving. His case in point in New Jersey:
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Last week, the Newark Star-Ledger reported that New Jersey lost $70 billion in wealth over the past five years. The reason? Affluent people have moved to states with a lower tax rate or no income tax at all.
The findings are from a study conducted by the Center on Wealth and Philanthropy at Boston College, the first study on interstate wealth migration in the country. The report found that wealthy New Jersey residents apparently grew tired of the state treating their success as an ATM for politicians and so they moved to Florida, Pennsylvania and even New York, a state not known for low taxes, but its levies are not as high as New Jersey's.
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I had not realized that taxes were so bad in New Jersey that people were escaping to New York. I always thought of New York as one of the worse states in the union.
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2 comments:
I'm not surprised. My dad moved his residency from Massachusetts to New Hampshire (which has no state income tax and a lower capital gains tax) as soon as he became more successful. We'd love to get the heck out of the People's Republic of California if my DH could find a job he likes as much as his current one in a low-tax state.
I know what you mean. We would like to leave California too, but for now we stay because our children get to spend so much time with my parents. If we could get my parents to move I think we'd be out of here pretty fast.
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