Tax Reform

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.

Read more

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


In Depth: Tax Reform

Mainstream economists, small business owners and taxpayers across the country understand that growth-oriented reforms mean increased opportunity for all. As demonstrated by the annual Rich States, Poor States: ALEC-Laffer State Economic Competitiveness Index, sound tax and fiscal policies are critical to economic health, allowing businesses and households to flourish. A …

+ Tax Reform In Depth