4 ms·

New Jersey tax authorities are worried about the drop in revenue from one guy moving to Florida: http://www.bloomberg.com/news/articles/2016-04-05/tepper-s-move

• hyperliner 11y ago
  That's when you know NJ spends way too much money. "Hey, look, this rich guy moved in to NJ! Let's hire more bureaucrats!... Oh, now he left! What should we do!?"
• joesmo 11y ago
  New Jersey is an utterly incompetent state when it comes to fiscal matters, as the last paragraph starts to hint. If this state wasn't propped up by its proximate location to other big cities and states, I imagine it'd be a backwater comparable to Mississippi.
• nugget 11y ago
  California officials are aware of these risks also. I give a lot of credit to Gov Brown for constantly reminding the state legislators that the good times won't last forever. The challenge with a tax system that draws so heavily from top earners is that you have greater ups (during boom times, like the current) and greater downs (during recessions, like 2008-2010). Moreover, such a huge amount of California's tax haul is due to one-time events such as stock and real estate sales which are even more amplified during boom times.