A Taxpayer Exits New Jersey – And the State Panics
“Any state that depends on income taxes is going to get sick whenever one of these guys gets a cold.” — Kevin B. Sullivan, commissioner of the Connecticut Department of Revenue Services
A single taxpayer’s exodus from high-tax New Jersey sent the Garden State’s budget office into a tailspin. Hedge fund manager David Tepper, formerly one of New Jersey’s wealthiest taxpayers, now calls no-income-tax Florida home. After Tepper’s move, Frank Haines, budget and finance officer with the New Jersey Office of Legislative Services, testified before the Senate Budget and Appropriations Committee. Haines warned, “We may be facing an unusual degree of income tax forecast risk.” As New Jersey officials scramble to address a budget shortfall estimated at nearly $1 billion, Florida taxpayers are enjoying an estimated $635 million surplus.
Siconolfi, Kati (2016, May 26). A Taxpayer Exits New Jersey…And the State Panics. Maine Wire. Retrieved from http://www.themainewire.com/2016/05/taxpayer-exits-jersey-state-panics