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> This isn't a red state: They collect plenty of revenue. Part of this revenue collection (tax policy) is why corps are moving en masse, the recent largest exa
by alharith 6y ago
> This isn't a red state: They collect plenty of revenue.
Part of this revenue collection (tax policy) is why corps are moving en masse, the recent largest example is Honeywell's relocation to Charlotte. NJ's latest tax hike has actually caused them a net loss in revenue.
- burfog 6y agoNJ seems to be on the bad side of the Laffer curve. https://en.wikipedia.org/wiki/Laffer_curve https://en.wikipedia.org/wiki/Laffer_curve
- pas 6y agoHow it affected their expenses? A big corp leaving lessens services utilization which might help if NJ was paying a hefty premium for over-using their infrastructure.
- alharith 6y agoA good theory but doesn't apply here, but I did leave out a key piece of info: the largest drop has actually been in income tax ala large hedge fund managers who have fled the state. Carolina Panthers owner and billionaire David Tepper is one recent-ish high profile example, but there are many others. Corps like Honeywell aren't an infrequent sight either. New Jersey's revenue has fallen YoY since the loss of Tepper et all. The insane part of me here is NJ politicians keep clamoring to raise taxes more. It's almost as if they heard De Blasio's campaign slogan and thought it was a great idea.