NJ Taxes Drive $ Out

Facts and Reports

 

Corporations and residents are fleeing New Jersey.

You could dress it in mystery, if you would rather not stare reality in the face.

The reality is that Trenton’s tax-and-spend policies and its sanctuary-state costs have reached critical mass.

New Jersey’s legislature is taxing the state into poverty.

And what do Governor Phil Murphy, State Senate President Stephen Sweeney, and State Assembly Speaker Craig Coughlin come up with for the new budget (click here)?

More taxes.

On-line purchase taxes, corporate surtaxes, Uber and Lyft taxes, and more, all to support policies that include propping up NJ Transit and Murphy’s free tuition community college project (click here for a NJ.com report). All of these policies lead to higher taxes.

And they have, again.

Kevin Coyne wrote last year in a New Jersey Monthly article that residents and business are leaving New Jersey because of its high taxes (click here to read the New Jersey Monthly article). Mercedes Benz fled Montvale for Georgia in 2018.

NJ.com reported in 2018 that in December, 2017 New Jersey lost 11,400 jobs over the previous year (click here).

You’d think New Jersey’s legislators would start to get a clue. You’d think voters would figure it out. You’d think a Wall Street fund manager (another one) like Governor Phil Murphy would get it.

But they don’t.

Free Jersey is following the lead of the following huge names. Mercedes Benz (already mentioned), Ocean Spray, Colgate Palmolive, Manischewitz, Sealed Air (bubble wrap), Congoleum have all left New Jersey in the last few years (NJ.com article). It’s not about the humidity. It’s largely due to New Jersey’s corporate tax rate, now 11.5%, the highest in the nation (click here for Tax Foundation article).

Coyne wrote that in 2016, 63% of moves in New Jersey were outbound, the highest in the nation. NBC New York News reported in January of 2018 that New Jersey again was leading the nation in outbound moves (click here). From 2004 to 2013, New Jersey lost $18 billion in net adjusted gross income.  Notable was the departure of billionaire David Tepper in 2015, who couldn’t tolerate the almost 9% state income tax, according to a 2016 New York Times article (click here).

Regent Atlantic’s Brian Kazanchy blogged in 2017 on the financial advisor’s website that New Jersey isn’t business--or taxpayer--friendly. He cited escalating property taxes and lack of deductions as some of the reasons why (click here). The Daily Journal reported in 2014 that New Jersey’s job recovery in the preceding year was so small that at that rate, it would take 44 years to employ the jobless in the state (click here).

Adding to it all is the impact of illegal aliens. A 2017 Federation for American Immigration Reform (FAIR) report (click here) shows the exacerbating effect illegals have upon the finances of New Jersey. The fact that illegals don’t contribute to tax revenue whipsaws the fact that they drive up costs in law enforcement and correction, education system, and health care.

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