A new tax on millionaires, a 22.5% gas tax hike , and now a tax on high frequency trades: it is becoming obvious to most - except perhaps the state's democratic leadership - that New Jersey is now actively trying to drive out its tax-paying population and top businesses with a series of draconian measures to balance its deeply underwater budget, instead of slashing spending.
According to the latest data from United Van Lines and compiled by Bloomberg, people have been flooding into Vermont, Idaho, Oregon and South Carolina, eager to flee such financially-challenged, high-tax, protest-swept, Democrat-controlled states as Connecticut, Illinois and New York.
No other state has seen a greater exodus than New Jersey, where out of every 10 moves, 7 have been households leaving the state, or nearly three times as many moved out than moved in.
A hypothetical move from New York City to Vermont is priced at $773 compared to $236 for the reverse trip, according to a Bloomberg analysis of U-Haul pricing.
Primary reasons cited for leaving the Northeast back in January were retirement and new job/company transfer.
How long will this exodus persist is unclear: at some point the recipient states will realize they too have to follow with similar fiscal policies or else they too risk becoming the next New Jersey.
Until then, one thing is clear: the more New Jersey and its tri-state peers seek to impose every possible form of tax on their rapidly diminishing residents, the fewer people will actually stick around to pay those taxes.
Tuesday, September 1, 2020
New Jersey Is Becoming The Most Hated State As Households Flee In Record Numbers
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