Millionaire Tax Didn’t Chase the Rich From New Jersey, Study Says

[Capt Bringdown]

Death of another conservative trope:

Anti-tax advocates contend that higher taxes on the wealthy lead to millionaire flight (http://blogs.wsj.com/wealth/2011/04/20/millionaire-tax-didnt-chase-the-rich-from-new-jersey-study-says/). They say this has been seen in Maryland, Rhode Island, New Jersey and New York. The rich are mobile, they say. They can take their money, taxes and jobs wherever they are treated best.

But a new study focusing on New Jersey provides some of the most detailed evidence yet that so-called millionaire taxes have little effect on the movements of millionaires as a whole.

[Wild Cobra]

When will you guys start listening?

The marginal income tax rate affects very few millionaires. Most get their income from capital gains. This affects small business which provide jobs and usually cannot move out of a particular area.

This article has little merit in my view. This tax should be called a small business tax. Not millionaires tax.

[Winehole23]

If a place is in some other wise a desirable place to live or do business, tax considerations might not always be decisive.

I've heard that the NJ countryside is beautiful, and that they have pretty good schools. Can it possibly be true?

[Winehole23]

Its Per Capita personal income (http://en.wikipedia.org/wiki/List_of_U.S._states_by_GDP_per_capita_%28nominal%2 9) in 2008 was $54,699, 2nd in the U.S. and above the national average of $46,588.[44] (http://en.wikipedia.org/wiki/New_Jersey#cite_note-BEAState-43)

[Winehole23]

The state also has the highest percentage of millionaire households.[45] (http://en.wikipedia.org/wiki/New_Jersey#cite_note-44) It is ranked 2nd in the nation by the number of places with per capita incomes above national average with 76.4%. Nine of New Jersey's counties are in the wealthiest 100 of the country.ibid

[ElNono]

If a place is in some other wise a desirable place to live or do business, tax considerations might not always be decisive.

I've heard that the NJ countryside is beautiful, and that they have pretty good schools. Can it possibly be true?

North Jersey is pretty bad... too packed, lots of people living there commuting to work to NY (Newark, etc). That's also near where Rutgers is.

I live on the Jersey Shore (middle of NJ) and it's great here. 10 mins from the beach, plenty of green, salaries are ok... houses are expensive as shit, because there's a severe influx from NY people over the summer... but it's a relatively safe, tranquil place to live.

South Jersey is just as nice or nicer, actually...

[Winehole23]

http://blog.nj.com/njv_bob_braun/2010/05/us_education_tests_ranks_nj_at.html

[Winehole23]

I live on the Jersey Shore (middle of NJ) and it's great here. 10 mins from the beach, plenty of green, salaries are ok... houses are expensive as shit, because there's a severe influx from NY people over the summer... but it's a relatively safe, tranquil place to live.

South Jersey is just as nice or nicer, actually...Nice. Forgot that was where you were, ElNono. :tu

[ElNono]

I could be wrong, but I don't think Christie is going to be here for long...

[Winehole23]

Even though part of it is too close to NYC.

Pride of place? :tu

[ElNono]

Nice. Forgot that was where you were, ElNono. :tu

Over 10 years now... I travel regularly to south texas to visit family, and I have to say that the cost of living between the two places is night and day...

From basic stuff like groceries to expensive stuff like houses... over here you would be hard pressed to find a decent small house for less than 250K...

I'm still renting... Unless I get a lucky break with the business it's going to be tough to come up with enough dough to buy something...

[ElNono]

Even though part of it is too close to NYC.

Pride of place? :tu

I like it here... some people like to pretend they're part of the city (ie: 98% are Yankee fans), but Jersey also has it's own identity... The north is a dumpster, but being that's close to the city, it's the most visited area and gives the state somewhat of a bad name...

[Winehole23]

I like it here... some people like to pretend they're part of the city (ie: 98% are Yankee fans), but Jersey also has it's own identity...Unforgiveable.

But Yankee-fandom is so widespread the matter of forgiverness cannot be long postponed, even in Texas. Somewhat akin to gratutous public displays of affection/disdain for the Dallas Cowboys, whom I grew to despise meticulously, despite being a fan before and afterwards. Or is that b/c?

(I wanted to be Houston Oilers fan. I was almost a Tennessee Titans fan. When Steve McNair died, that was about it for me.)

[ElNono]

I still see a guy walking around with a Cowboys jersey over here once in a while... :lol

[Winehole23]

I'm not from Houston so it's pretty hard for me to get behind the Texans. At this point I'm neglecting them and the Dallas Cowboys about equally.

[Winehole23]

duz want to go to that new stadium in Arlington, tho.

[ElNono]

I like to head out to the Rio Grande Valley once a year if I can... quiet, good weather... see the family... chill out... but these airfares are killing me... :lol

Gotta get some rest... will follow up tomorrow...

[Winehole23]

I could be wrong, but I don't think Christie is going to be here for long...
A Quinnipiac University Poll out Wednesday finds that six out of 10 residents don't believe Christie when he says he could beat President Obama.

Christie also trails Obama on a question that combines job approval and likeability. About 46 percent say they like Obama and his policies, while 38 percent say the same about Christie.
http://www.mycentraljersey.com/article/20110420/NJNEWS10/110420001/Poll-Obama-tops-Christie-NJ

[TeyshaBlue]

North Jersey is pretty bad... too packed, lots of people living there commuting to work to NY (Newark, etc). That's also near where Rutgers is.

I live on the Jersey Shore (middle of NJ) and it's great here. 10 mins from the beach, plenty of green, salaries are ok... houses are expensive as shit, because there's a severe influx from NY people over the summer... but it's a relatively safe, tranquil place to live.

South Jersey is just as nice or nicer, actually...

Stanhope FTW. Used to play at Stanhope House back in the mid-90's. Very cool little burg off of Lake Mustconetcong.:toast
http://www.stanhopehousenj.com/

[coyotes_geek]

Looks like the study period ran from 2000-2007, before everything went to shit. It would be interesting to compare those results to what's happend since 2008. Just guessing here, but I would think that millionares would find a tax increase during a good economy more tolerable than one during a bad economy.