About 4 years ago, billionaire David Tepper left New Jersey and moved to Florida.
New Jersey instantly lost hundreds of millions of dollars every year in tax revenue just from this one guy.
But it wasn’t only Tepper fleeing New Jersey’s 8.97% income tax rate. In 2018, for example, New Jersey lost 5,700 millionaires.
Not coincidentally, 2018 was the same year that New Jersey hiked it’s income tax rate to 10.75% for those earning more than $5 million.
And now, with a massive government budget shortfall thanks to COVID shutdowns, New Jersey will double down on its bad idea.
They didn’t learn their lesson in 2018… so now the state will increase its tax rate to 10.75% for everyone earning more than $1 million per year.
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