New Jersey Raises State Income Taxes…Again!
It’s basically a double. Five years ago, effective tax rates in NJ went up by several percentage points. As of today, they are set to go up again for the highest earners. As one of those top earners, what am I thinking about right now? How to take my earnings, and my tax revenues, to another state that is more business friendly.
Instead of wooing people like me, states like NY, NJ and others are encouraging us to leave, and leave we will. If you don’t have kids, it’s a really easy decision. Move to a tax friendly state like Texas, Florida, Nevada or New Hampshire and tell the politicians in your previous state to go fx%^ themselves.
How is NJ doing since they bumped up the tax bracket for top earners a few years back? They’ve lost many of those top earners who have chosen other places to live and run their businesses. Tax revenues are down, as they are in all of these examples.
What states are doing well in comparison? States like Texas that are seeing a net inflow of residents, better job prospects and a growing economy.
