N.J. loses $70B in wealth during five years as residents depart

[thundley4]

More than $70 billion in wealth left New Jersey between 2004 and 2008 as affluent residents moved elsewhere, according to a report released Wednesday that marks a swift reversal of fortune for a state once considered the nation’s wealthiest.

Conducted by the Center on Wealth and Philanthropy at Boston College, the report found wealthy households in New Jersey were leaving for other states — mainly Florida, Pennsylvania and New York — at a faster rate than they were being replaced.

“The wealth is not being replaced,” said John Havens, who directed the study. “It’s above and beyond the general trend that is affecting the rest of the northeast.”
This was not always the case. The study – the first on interstate wealth migration in the country — noted the state actually saw an influx of $98 billion in the five years preceding 2004. The exodus of wealth, then, local experts and economists concluded, was a reaction to a series of changes in the state’s tax structure — including increases in the income, sales, property and “millionaire” taxes.

“This study makes it crystal clear that New Jersey’s tax policies are resulting in a significant decline in the state’s wealth,” said Dennis Bone, chairman of the New Jersey Chamber of Commerce and president of Verizon New Jersey.

  NJ.com

And Lord Zero wishes to do the same thing on a national scale. 

[formerlurker]

I can't blame them.  When you are paying the highest real estate taxes in the country and see very little in return for same -- makes CT, NY and PA look all the more appealing.

[NHSparky]

Waitthe****upholdonasecond....they're leaving NJ...for NEW YORK????

And the people up here bitch about property taxes.

[The Village Idiot]

Waitthe****upholdonasecond....they're leaving NJ...for NEW YORK????

And the people up here bitch about property taxes.

The city budget of San Fran is $6.6 billion... x 800,000 residents = $8,250 per person, man woman and child. They have one of the worst run cities in the country.

[NHSparky]

Like I said--I thought I was getting screwed paying $4-5K a year in property tax, and another $1-2K in tolls, registrations, and state fees.

[formerlurker]

Like I said--I thought I was getting screwed paying $4-5K a year in property tax, and another $1-2K in tolls, registrations, and state fees.

That's nothing compared to NY and NJ. 

[NHSparky]

That's nothing compared to NY and NJ. 

Oh, trust me, I know what I'd be paying on a similar income and home in CA, and while the guys in the shop wonder how I can drive 40 miles each way to work, I just sit back and laugh all the way to the bank, or more appropriately, all the way to wherever I want to spend MY money.

A similar-sized paycheck in CA would be taking about $7K a year extra in state taxes, UEI, workman's comp, to say nothing of the property taxes, sales taxes, and vehicle registration fees over and above what I pay now.

[The Village Idiot]

Oh, trust me, I know what I'd be paying on a similar income and home in CA, and while the guys in the shop wonder how I can drive 40 miles each way to work, I just sit back and laugh all the way to the bank, or more appropriately, all the way to wherever I want to spend MY money.

A similar-sized paycheck in CA would be taking about $7K a year extra in state taxes, UEI, workman's comp, to say nothing of the property taxes, sales taxes, and vehicle registration fees over and above what I pay now.

And apparently in SF it'd be even worse