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Let The Exodus Begin: New Jersey Raises Tax On Millionaires

In the latest suicidal move by New Jersey, the state which after Illinois is in the direst of financial straits and has the second lowest credit rating in the nation.

On Thursday morning, Jersey Governor Phil Murphy and Democratic leaders agreed on a budget deal that will raise taxes on millionaires, sparking another exodus from a state which has already seen many of its richest residents – such as David Tepper – depart for more hospitable states.

As the NYT gloats, “Gov. Philip D. Murphy campaigned on a vow to raise taxes on the rich in New Jersey. It took three years and a pandemic to get it done.” Clearly the NYT has any idea just how worse off the state will be in a few years as a result of sliding real estate prices and broadly lower tax revenues.

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