Author Topic: One Top Taxpayer Moved, and New Jersey Shuddered  (Read 1685 times)

0 Members and 1 Guest are viewing this topic.

Offline Chris_

  • Little Lebowski Urban Achiever
  • Hero Member
  • *****
  • Posts: 46845
  • Reputation: +2028/-266
One Top Taxpayer Moved, and New Jersey Shuddered
« on: May 02, 2016, 12:07:22 PM »
Quote
One Top Taxpayer Moved, and New Jersey Shuddered

Our top-heavy economy has come to this: One man can move out of New Jersey and put the entire state budget at risk. Other states are facing similar situations as a greater share of income — and tax revenue — becomes concentrated in the hands of a few.

Last month, during a routine review of New Jersey’s finances, one could sense the alarm. The state’s wealthiest resident had reportedly “shifted his personal and business domicile to another state,” Frank W. Haines III, New Jersey’s legislative budget and finance officer, told a State Senate committee. If the news were true, New Jersey would lose so much in tax revenue that “we may be facing an unusual degree of income tax forecast risk,” Mr. Haines said.

The New Jersey resident (unnamed by Mr. Haines) is the hedge-fund billionaire David Tepper. In December, Mr. Tepper declared himself a resident of Florida after living for over 20 years in New Jersey. He later moved the official headquarters of his hedge fund, Appaloosa Management, to Miami.

New Jersey won’t say exactly how much Mr. Tepper paid in taxes. But according to Institutional Investor’s Alpha, he earned more than $6 billion from 2012 to 2015. Tax experts say his move to Florida could cost New Jersey — which has a top tax rate of 8.97 percent — hundreds of millions of dollars in lost payments.
New York Times

I wonder if the editorial board at the Times even reads their own paper.
If you want to worship an orange pile of garbage with a reckless disregard for everything, get on down to Arbys & try our loaded curly fries.

Offline SVPete

  • Hero Member
  • *****
  • Posts: 25825
  • Reputation: +2214/-242
Re: One Top Taxpayer Moved, and New Jersey Shuddered
« Reply #1 on: May 03, 2016, 06:45:25 AM »
This is a predictable result of the Libs' and Progs' beloved screw-the-1% tax scheme:

* For a time, they pay a lot of $$;

* The high tax state relies on that large % of their revenue that coms from a very few sources;

* The 1%ers feel the intended pain, but don't stay still to be screwed;

* The 1%ers move to a low tax state (they can afford to, and with computer communications, their business and investments are not hurt);

* Just one or two such moves will cause a budget crunch or crisis (in a state that was probably also an out-of-control spender!).

Libs & Progs, such as DU-folk don't understand it that way. They just rail against the "freeloader" and against the low tax state, and fantasize about ways to plunder 1%ers when they move out and ways to take revenge on states that dare not to screw their wealthier citizens with high tax rates.

And for any DUer who chances to see this, I am not and never have been a 1%er ... or a 10%er ... or a 20%er ... or a ...
« Last Edit: May 03, 2016, 06:50:54 AM by SVPete »
If, as anti-Covid-vaxxers claim, https://www.poynter.org/fact-checking/2021/robert-f-kennedy-jr-said-the-covid-19-vaccine-is-the-deadliest-vaccine-ever-made-thats-not-true/ , https://gospelnewsnetwork.org/2021/11/23/covid-shots-are-the-deadliest-vaccines-in-medical-history/ , The Vaccine is deadly, where in the US have Pfizer and Moderna hidden the millions of bodies of those who died of "vaccine injury"? Is reality a Big Pharma Shill?

Millions now living should have died. Anti-Covid-Vaxxer ghouls hardest hit.

Offline J P Sousa

  • We Built Our Business - IN SPITE OF GOVERNMENT
  • Hero Member
  • *****
  • Posts: 3785
  • Reputation: +310/-19
  • I love the smell of gun powder in the morning
Re: One Top Taxpayer Moved, and New Jersey Shuddered
« Reply #2 on: May 03, 2016, 06:47:26 PM »
Lot's of people leaving high tax states going to Florida such as, Tiger Woods, Phil Mickelson, Former Los Angeles Angels outfielder Torii Hunter.

Democrats just don't seem to have the ability to learn about economics.
John Wayne: "America Why I Love Her"
https://www.youtube.com/watch?v=j5ZGz7h0epU

Get Over It! We Are Not All Created Equal ~Capt Katie Petronio

Obama Wiretapped The Trump Tower...FACT

The reason there are so many stupid people is because it's illegal to kill them.
~John Wayne