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Fleeing NJ: Tepper's Move May Affect New Jersey Budget Forecaster Warns

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Richest person in NJ has just escaped the People's Republic of NJ. Bloomberg article on now that David Tepper has moved to FL, NJ's budget will be affected:

 

http://www.bloomberg.com/news/articles/2016-04-05/tepper-s-move-may-affect-new-jersey-budget-forecaster-warns

 

"New Jersey relies on personal income taxes for about 40 percent of its revenue, and less than 1 percent of taxpayers contribute about a third of those collections, according to the legislative services office. A one percent forecasting error in the income-tax estimate can mean a $140 million gap, Haines said."

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Interesting how just one man's wealth and loss of his "contribution" can cause such a calamitous commotion in a certain state.

 

Many people who want to reap the benefits of the wealth they've accumulated over the years have left this state in droves. 

 

http://www.nj.com/news/index.ssf/2015/01/10000_millionaire_households_fled_nj_last_year_study_says.html

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Did you see the part where the state collects something like 30% of all income taxes from the top 1% of earners - that is a total disgrace.  Time to stop the spending.

 

Drop to top 5% and you'd come close to half of the taxes.  The bottom 10 % of earners (rough guess on my part) get refunds of $3,000 to $5,000, yet paid nothing in.  And a nice chunk of what they "earn" is in EBT.

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I was going to post this yesterday. Hopefully this wakes some people up in legislature.

 

Sent from my ONE A2005 using Tapatalk

They don't give a damn. They'll just impose more grief on us by raising taxes, tolls and anything else they can rape us with.

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I was going to post this yesterday. Hopefully this wakes some people up in legislature.

 

 

Of course it will, the Dems will want to raise state income taxes, and sales taxes.  Someone has to pay for this loss along with making the people pay for the state pension system.

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We need a system where EVERYONE pays at least some tax.

That way, everyone has a vested interest in a lean government.

Yeah, its called a flat rate... fair and balanced..... oh wait that's not fair and balanced because the top 1% can afford more....

 

 

I think we should raise minimum wage to 15 dollars and just eliminate every welfare program.... at least people would be working for what they get.

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I am not surprised, IMO opinion, NJ is a dying state suburban NJ at least........  I know *many* folks that are leaving and/or plan too.

 

The rub is getting out and offloading your property sooner than later...........

 

3 years............max if I am lucky.

 

I personally think the idea of the NY/NJ idea of suburbia is dead and dying.  I know of at least two large real estate developers that I deal with commercially that are planning in the next 3 to 5 years to move their model to a residential one a bit and to provide for at a minimum of 10K units in Jersey City, 15K in Brooklyn/Queens, 10K in lower Westchester.  All near main transport hubs to Manhattan........

 

The kids today want to live, work, play and die, 20 min from their jobs.......the idea of a commute is gone or going away.......

 

That being said the additional strain on other towns and municipalities not reaping those ratables, from people moving in there, will have a negative net effect overall...

This is very true, and many don't want to even purchase.

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It's kind of hard to qualify for a 500k mortgage when you make 50K a year.

This. I happen to have something of a head start because I was lucky enough to have my parents pay for my college education, and my summer job from ages 14-24 was the lucrative/all cash world of caddying, and I've built a nice savings account and have a growing Roth IRA.

 

That said, I make about $50k and can hardly afford my 1BR apartment based solely on my income. Could I stay at home for another 5-7 years and then afford a nice house? Sure, but I wanna get on with living my life.

 

The rest of my peers who worked minimum wage jobs growing up have all that to worry about PLUS paying off loans. The idea of owning is a distant one for young people these days.

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This. I happen to have something of a head start because I was lucky enough to have my parents pay for my college education, and my summer job from ages 14-24 was the lucrative/all cash world of caddying, and I've built a nice savings account and have a growing Roth IRA.

 

That said, I make about $50k and can hardly afford my 1BR apartment based solely on my income. Could I stay at home for another 5-7 years and then afford a nice house? Sure, but I wanna get on with living my life.

 

The rest of my peers who worked minimum wage jobs growing up have all that to worry about PLUS paying off loans. The idea of owning is a distant one for young people these days.

 

 

Not to derail this thread but can I ask what your major was in college?

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It's kind of hard to qualify for a 500k mortgage when you make 50K a year.

Why you shooting so high? There are plenty homes you can buy for less than that. Especially outside this communist state.

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I am not surprised, IMO opinion, NJ is a dying state suburban NJ at least........  I know *many* folks that are leaving and/or plan too.

 

The rub is getting out and offloading your property sooner than later...........

 

3 years............max if I am lucky.

 

I personally think the idea of the NY/NJ idea of suburbia is dead and dying.  I know of at least two large real estate developers that I deal with commercially that are planning in the next 3 to 5 years to move their model to a residential one a bit and to provide for at a minimum of 10K units in Jersey City, 15K in Brooklyn/Queens, 10K in lower Westchester.  All near main transport hubs to Manhattan........

 

The kids today want to live, work, play and die, 20 min from their jobs.......the idea of a commute is gone or going away.......

 

That being said the additional strain on other towns and municipalities not reaping those ratables, from people moving in there, will have a negative net effect overall...

I've noticed  among the other "kids" mine grew up with- in their mide/late 20's- when they move out its almost always to the Hoboken, Jersey city scene. Or else pack up and leave NJ behind. A lot dont even have cars and the ones that do have small gas sippers. Its kind of like they are doing the opposite of  the parents. No interest in a house with a yard, driving commute. They like the apts & condos with bars in the area and come out to visit on the trains. I cant think of anyone of them that bought a house, I'm sure there may be some but who can afford it? And yes i agree soon there may literally not be enough buyers for all the houses destined for the market.....

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Im 29 and live at home, next year I'll be buying my own home. I'd rather live a nice life down the road then be impatient to move out now. It's gonna be nice putting a down payment of 30%. The other option was move out immediately and live a life I could barely afford... How do you ever get ahead?

 

My woman won't let me move us to NH, it's really one of the only States that works for the both of us.

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Im 29 and live at home, next year I'll be buying my own home. I'd rather live a nice life down the road then be impatient to move out now. It's gonna be nice putting a down payment of 30%. The other option was move out immediately and live a life I could barely afford... How do you ever get ahead?

By old school rules? Home should be 25-30% of your income. Can't afford? Don't buy!
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Not to derail this thread but can I ask what your major was in college?

I majored in Political Science and Sociology, I have minors in History and Criminology. Useless, I know. Now I'm working with our family owned epoxy flooring business. Go figure.

 

You're a wiser and more patient man than I for waiting that long to save up and move out. I reached the end of my rope at 26 and moved out 3 months ago. If I didn't have a substantial savings account (compared to most my age), I wouldn't have considered it. But you are correct, the financial downside of going out on your own is undeniable. I went from saving 90% of my paycheck and having the option to spend as much as I wanted on travel and fun to saving approximately 15% and having little to no wiggle room.

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I've noticed among the other "kids" mine grew up with- in their mide/late 20's- when they move out its almost always to the Hoboken, Jersey city scene. Or else pack up and leave NJ behind. A lot dont even have cars and the ones that do have small gas sippers. Its kind of like they are doing the opposite of the parents. No interest in a house with a yard, driving commute. They like the apts & condos with bars in the area and come out to visit on the trains. I cant think of anyone of them that bought a house, I'm sure there may be some but who can afford it? And yes i agree soon there may literally not be enough buyers for all the houses destined for the market.....

Correct, most my age finish school and as soon as we have a steady income, we're fleeing to Hoboken and Jersey City. I would imagine it's mostly because if you know you have no shot at affording a down payment any time soon, you may as well move as close as you can to the action where maybe your high rent costs are offset by the fact that you don't need a car and your commute is either walking or a quick train ride across the river. I want the house and the yard, but it's simply a pipe dream for most people in their 20s, especially in the NYC metro area.

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By old school rules? Home should be 25-30% of your income. Can't afford? Don't buy!

Were looking at around 350-450 range. Between me and my future wife that's about 40% our combined salaries.

 

I could never figure out why people are in such a rush to spend every penny they make living in a place like Hoboken. Very few people make enough to justify it.

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Correct, most my age finish school and as soon as we have a steady income, we're fleeing to Hoboken and Jersey City. I would imagine it's mostly because if you know you have no shot at affording a down payment any time soon, you may as well move as close as you can to the action where maybe your high rent costs are offset by the fact that you don't need a car and your commute is either walking or a quick train ride across the river. I want the house and the yard, but it's simply a pipe dream for most people in their 20s, especially in the NYC metro area.

I'm jus asking a question.

Is the affordable housing not in an area that you would be willing to live in?

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Different generation, different mentality I suppose. Staying at home was never a consideration. I went out on my own within months of finishing Rutgers. Lived paycheck to paycheck for years, finally saved up enough for the first house around 31 while still having some fun. My kids will be getting a set of boxes by age 22 at the latest. I also want to enjoy my life and the money I made and saved working. I payed my share into the pig trough!

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Were looking at around 350-450 range. Between me and my future wife that's about 40% our combined salaries.

 

I could never figure out why people are in such a rush to spend every penny they make living in a place like Hoboken. Very few people make enough to justify it.

Sorry I missed this.

My wife commutes 7 miles( I think) I am anywhere between 55- 95 each way. I've had this conversation many many moons ago.

 

The bubble burst becuase of this.

You live where you can afford. No?

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My kids have / had a one way trip to college and then their own place. They were given the gift of education with no debt, thus no excuses or reliance on daddy. So far so good. However, I'd only pay for majors that I thought would be useful after many years in the workforce. My oldest has an accounting degree from the Smeal School of Business at Penn State and the younger is in engineering at Cornell. My third will be an enigeer as well. Other than that I'd rather save the money and send them into a trade education.

 

I was unfortunately without anywhere to go at the age of 15 so my kids no I'm not screwing around when it comes to the school of hard knocks.

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I'm jus asking a question.

Is the affordable housing not in an area that you would be willing to live in?

That may be the case with many my age. Not so with me. I live in Parsippany, which works fine for me, but it's not exactly Hoboken. You can't walk around anywhere, there are no hot spots as far as bars or clubs, and it's not exactly around the corner from NYC.

 

But even a place like Montclair, which is the closest thing to Hoboken that's not actually Hoboken, is quite expensive, too. You pay dearly for having everything you need within walking distance, and every apartment being built these days is considered a "luxury rental." If you want affordable living around here, in my experience, you need to go west. If you can shell out $2,000+ a month to live in Hoboken/JC, most likely in a tiny bedroom with multiple roommates, then lucky you, but I can't do it.

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Sorry I missed this.

My wife commutes 7 miles( I think) I am anywhere between 55- 95 each way. I've had this conversation many many moons ago.

 

The bubble burst becuase of this.

You live where you can afford. No?

Currently, no. Which is why were looking in the Jackson Newton area. I want nice property and privacy, 2 acres would be nice with a 4 or 5 person home. Bergen county is to expensive for what you get passiac is even worse with taxes. I will commute an hour no problem to get that. We can afford to live in any town, but it's what were looking for that pushes us West.

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