Thursday, February 4, 2010


According to a new Boston College Center on Wealth and Philanthropy study, the wealthy are fleeing New Jersey. The report finds that from 1999 through 2003, New Jersey saw an in-migration of wealth of $98 billion and, in the same period, charitable capacity increased by $881 million. From 2004 through 2009, the complete reversal of that trend occurred, which amounted to a total decline in charitable capacity of approximately $2 billion.

Republicans are quick to say that the rich are leaving because of the State's so-called "millionaire's tax" which actually kicks in at $400,000 in annual income.

David Rosen, the top budget analyst with the non-partisan Office of Legislative Services says there is no definitive proof that the millioanire's tax is causing the exodus and he explains, "We don't tax wealth, we tax income." In other words someone may have $10 million, but they're taxed on how they earn in a particular year.

State Senator Joe Pennachio disgrees. He says New Jersey does tax wealth because of its high estate tax often referred to as the "death tax."

It can facetiously be said that maybe the New Jersey's fiscal situation would be better if the very wealthy who have lived long and fruitful lives would have the decency to die.

1 comment:

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