Saw this article this morning and laughed out loud, one person leaves the state and the collective butt-holes of the tax-munchers pucker up.
When people move (Tepper is a hedge-fund manager so he is likely a grade-A shitheel), it really hinders the ability of others to live off their neighbors…, gotta love it
Tepper’s Move May Affect New Jersey Budget, Forecaster Warns
The decision by billionaire hedge-fund manager David Tepper to quit New Jersey for tax-friendly Florida could complicate estimates of how much tax money the struggling state will collect, the head of the Legislature’s nonpartisan research branch warned lawmakers.
Tepper, 58, registered to vote in Florida in October, listing a Miami Beach condominium as his permanent address, and in December filed a court document declaring that he is now a resident of the state. On Jan. 1, he relocated his Appaloosa Management from New Jersey to Florida, which is free of personal-income and estate taxes.
His move has state revenue officials on alert.
“We may be facing an unusual degree of income-tax forecast risk,” Frank Haines, budget and finance officer with the Office of Legislative Services told a Senate committee Tuesday in Trenton.
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.
Tepper lived in New Jersey for more than two decades, initially as an executive at Goldman Sachs Group Inc., where he helped run junk-bond trading during the late 1980s and early 1990s. He founded Appaloosa in 1993 and now has an estimated fortune of $10.6 billion, according to the Bloomberg Billionaires Index. That ranked him as the wealthiest person in New Jersey.
New Jersey residents bear the country’s third-highest tax burden, according to the Tax Foundation in Washington. Along with the nation’s highest property taxes, it’s one of two states that levy both an estate tax on the deceased and an inheritance tax on their heirs. The income-tax rate for top earners is 8.97 percent. Democratic legislators have repeatedly passed a millionaire’s tax that would increase the levy to 10.75 percent, but Republican Governor Chris Christie has vetoed it each time.
This is how you sucker punch the Democrat Party.
With the cash flow deficit crisis in Social Security starting next year . You remove the cap on taxes for high income people. Tax the Rich!
What the dummy’s in the Democrat party don’t realize is this will result in high income people moving from states with the highest existing state income taxes to the lowest. Such as Califorina which already has a 13% income tax.
Guess which states have the highest state income taxes? That’s right . Democrat States .
let the Democrats live by their word and live with the consequence.
Great. Just. Fucken. Awesome.
Can’t wait to see the new tax bill for next quarter.
Fuck fuck fuckity fuck.
Get the fuck out Stucky. Now!!!
Hear that Stucky? Listen close……..The tax bell tolls and it tolls for thee.
it sounds like this Tepper fellow must have lined many folks pockets with undisclosed donations, and now they are worried, as to who will replace their patron.
Maybe Trump will run for governor of NJ, and build a wall around it.
and what is that smell, you know, when you drive south of NYC, it smells like cracker jacks and cow farts.
Why do they call NJ the ‘Garden State”?
Because the “Leaking Crotch of the Universe” won’t fit on a license plate.
Seriously, I lived in PA for the first 22 years of my life. Been to NJ many times. The southern part is OK. The rest is a satellite suburb / ghetto of NYC. Atlantic City has and always will be nothing more than a whore house. The rest of the southern coast gets invaded by boorish people wanting to rent a beach house for a week / weekend. No culture.
So NJ has to finance the satellite suburb/ghetto. It ass rapes the rest of the ‘normal’ people. NJ is going (maybe gone) the way of Illinois and California – and I believe PA is not far behind.
Why would any sensible person live in NJ?
And it’s not just taxes I’m talking about.
Yea ,why would any sensible person live in NJ ? Must be some kind of severe mental affection.
Wow…
ONE FUCKIN’ GUY decides to bail out on Noo Joisey and the whole fuckin’ State Legislature shits they drawers?
Ain’t that some shit?
So much for the rich not paying their fair share, one guy paying so much that it will make a difference in one of the higher population states, and one percent paying a third.
What about the the criminal NJ Estate Tax tell the dumbocrats to have just a smidgen of private sector discipline and cut the abusive public sector benefits and pay? Private sector taxpayers are tired of this supporting overpaid federal and state government workers – tell them to have just a little skin in the game!