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People Rushing for Exits in NJ

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53 minutes ago, Rob0115 said:

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‘My Clients Are Fleeing NJ Like It’s on Fire’

After tax reform, a stampede from high-tax states.

 
 
New Jersey Gov. Phil Murphy speaks at Rutgers University in New Brunswick, N.J. last Wednesday.
New Jersey Gov. Phil Murphy speaks at Rutgers University in New Brunswick, N.J. last Wednesday. PHOTO: PATTI SAPONE/ASSOCIATED PRESS
By 
James Freeman
May 2, 2018 3:32 p.m. ET
 

That headline arrives via email from a money manager in northern New Jersey. The Garden State already has the third largest overall tax burden and the country’s highest property tax collections per capita. Now that federal reform has limited the deduction for state and local taxes, the price of government is surging again among high-income earners in New Jersey and other blue states. Taxpayers are searching for the exits.

In the financial industry of course it’s not just the clients who are looking for greener pastures. One hedge fund manager moving his office to a southern state reports that his new home on a golf course will be more than double the size of his house in Chatham, N.J. while generating just one third of the current property tax bill.

Others are staying out of necessity, but that doesn’t mean they want to bet on a Jersey comeback. “The apartment market in New Jersey is booming because nobody wants to own here. As soon as people are not tied to the area for business reasons, they leave,” says Jeffrey Sica, founder of Circle Squared, an alternative investments firm. “We structure real estate deals for family offices and high-net-worth individuals and at a record pace those family offices and individuals are leaving the TriState for lower-tax states. Probably a dozen this year at least,” he writes via email.

On April 24, Arthur Laffer and Stephen Moore wrote in these pages:

In the years to come, millions of people, thousands of businesses, and tens of billions of dollars of net income will flee high-tax blue states for low-tax red states.

Just one week later, the Journal reports:

One of the oldest names on Wall Street is moving to one of the fastest-growing cities in the South, reinforcing a recent shift in finance jobs to cheaper parts of the U.S.
AllianceBernstein Holding LP plans to relocate its headquarters, chief executive and most of its New York staff to Nashville, Tenn., in an attempt to cut costs, according to people familiar with the matter. That largely ends a 51-year presence in the nation’s traditional finance capital...
In a memo to employees, AllianceBernstein cited lower state, city and property taxes compared with the New York metropolitan area among the reasons for the relocation.

In the decade ending in 2016, real economic growth in New Jersey clocked in at a compound annual percentage rate of 0.1, just slightly higher than John Blutarsky’s GPA and less than a tenth of the national average for economic growth.

The Tax Foundation ranks New Jersey dead last among the 50 states for its business tax climate. So naturally new Governor Phil Murphy is proposing an even larger tax burden. A little more than 100 days into his term, Mr. Murphy seems determined to make New Jersey residents miss Chris Christie.

Steven Malanga calls Mr. Murphy’s plan “the U-Haul Budget” for the new incentives it gives New Jersey residents to flee. Your humble correspondent participated in a panel discussion at an event hosted by the Garden State Initiative today and was pleased to discover that at least some residents of New Jersey are not yet ready to abandon hope. They’re urging Gov. Murphy to make the state’s tax burden competitive again. Following federal reform, the residents who remain in blue states have a whole new reason to demand that politicians put out the fire.

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1 hour ago, njJoniGuy said:

Gov. Gopher doesn't actually give a shite about NJ or its taxpaying citizenry. But he does need a platform from which to launch his 2020 Wee Woody Wilson Wanker Walk to 1600 PA Ave. That's the only reason he's here.

I can see us on the way to Massachusetts back in the Dukakis days, where the campaign signs read "Dukakis for President - get him the hell out of Massachusetts!"

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Gov. Gopher doesn't actually give a shite about NJ or its taxpaying citizenry. But he does need a platform from which to launch his 2020 Wee Woody Wilson Wanker Walk to 1600 PA Ave. That's the only reason he's here.


I guarantee Murphy will not be POTUS.


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11 hours ago, WhiskeyTangoFoxtrot said:

The $10K federal deduction limit on state and local taxes (6% NJ income tax plus your property taxes) is no joke. And, Murphy wants to raise taxes even more. Crazy...

Top marginal rate is 8.97% being proposed to go up 10.97%. 

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2 hours ago, capt14k said:

 


I guarantee Murphy will not be POTUS.


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I completely agree, past history shows that the NJ Governor's office is where POTUS aspirations come to implode by way of the corrupt and dysfunctional NJ political machine!

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I completely agree, past history shows that the NJ Governor's office is where POTUS aspirations come to implode by way of the corrupt and dysfunctional NJ political machine!

Exactly. Plus we had our quota for Irish Catholic Northeast Liberal Presidents.

 

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I think Corey Booker has more of a chance than Murphy. Obama Part Dieux.

I don't think he has a chance in hell either. Obama surplanted Carter as the worst President ever. No chance another Black Liberal Senator with no real experience becomes POTUS.

 

Only good thing Obama may have done is opened the door for a Black Conservative Congressman to be POTUS.

 

Next POTUS will be Trump if he wants it or Pence if he doesn't. Trump has accomplished far too much and the economy is good and likely to continue doing well until the Housing and Student Loan hammers fall.

 

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43 minutes ago, capt14k said:

Next POTUS will be Trump if he wants it or Pence if he doesn't. Trump has accomplished far too much and the economy is good and likely to continue doing well until the Housing and Student Loan hammers fall.

Just wait until Oprah announces she is in. Every dimwit in the nation will be behind her.

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Just wait until Oprah announces she is in. Every dimwit in the nation will be behind her.
I believe Mike Pence will run and the Christian Conservatives will get behind him like they did Bush plus he will have Trump supporters. That combination will be unbeatable.

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Just now, capt14k said:

I believe Mike Pence will run and the Christian Conservatives will get behind him like they did Bush plus he will have Trump supporters. That combination will be unbeatable.

From your lips to God's ear. Because whatever dirtbag the other side is able to dredge up and run will be an absolute nightmare.

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From your lips to God's ear. Because whatever dirtbag the other side is able to dredge up and run will be an absolute nightmare.
Agreed and that is the best thing for us. Thankfully Democracts are too stupid to run a candidate like the recent special election in PA. They will dredge up Bernie Sanders again or some other fool like him.

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1 hour ago, mossburger said:

I still have a weird feeling they might try and bring Hillary around for a 2020 rematch. Frame the whole thing as a "do-over". It makes no sense. It doesn't have to, they're Democrats. 

Wouldn't surprise me......look; they're already lining-up Nancy Pelosi to be the next speaker, If the Dems take the house!

 

 

 

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I still have a weird feeling they might try and bring Hillary around for a 2020 rematch. Frame the whole thing as a "do-over". It makes no sense. It doesn't have to, they're Democrats. 
Even Dems aren't that dumb, but with what the Clintons must have on Democrat Party Leaders if she wants it they probably will give it to her. Democrat voters should be up in arms about Super Delegates, but they won't question their leaders. Their votes mean nothing in the Presidential Primaries.

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