David Tepper to quit New Jersey for tax-friendly Florida has put the Garden State in fiscal peril, and could complicate estimates of how much tax money the struggling state will collect, the head of the Legislature’s nonpartisan research branch warned lawmakers.
Over the past several months, the recurring story of hedge fund billionaires taking leave their home states, and heading to tax-friendly Florida.
His move has put NJ state officials in a state of near panic.
The reason for the panic is that New Jersey relies on personal income taxes for about 40% of its revenue, and less than 1 percent of taxpayers contribute about a third of those collections.
“A one percent forecasting error in the income-tax estimate can mean a $140 million gap”, Frank Haines, budget and finance officer with the Office of Legislative Services said.
This is what happens when men let their town, city, state, nation be dominated by welfare state technocrats. They destroy the economy pandering to low IQ morons, minorities and immigrant votes for power.
Time to close the damn border, stop immigration, and weaning the parasites.