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The property taxes might be lower in Florida, but wait until the price of Home Owners Insurance kicks in. Big Homes in Florida pay big premiums for wind insurance. The higher fees people pay for car insurance, license plates, car registration, etc., etc. because there is no State Income Tax make Florida just as expensive as New Jersey to live in. Most of the people that move to Florida from New Jersey will eventually work their way back North and North Carolina or Virginia seem to be the States they settle in. Of course this is a generalization but not everybody that moves to Florida stays there for whatever reason
Problem is, they and their money is not coming back to NJ.
I'd like to see the exodus of those types of people curtailed for the good of NJ's economy.
Perhaps they will stay if we cut taxes enough so that they don't want to leave in the first place. Of course that would require radical redefinition of the role of state government in our lives.
for the weathly its really about the Estate Tax. This is the main reason why the super wealthy are leaving. They cant pass hardly anything on to their children. Anyone with a big estate over 2.5 million or more leave due to this. My dad is one of them taxed twice on my mother's death. Its called an inheritance tax and an estate tax in NJ. This is the ONLY state with both I am told. Dad has been giving it away alive or setting up trusts but most wealthy are leaving. He is leaving soon
The problem is NJ and NY for that matter are to dependent on their taxes to curtail the tax rate, already there are HUGE budget gaps. If they cut back on taxes those gaps will be march larger. When my father passed away NJ took both an inheritance tax and an estate tax in NJ as well as taxed his unused vacation time payout it was unbelievable
The worst part is "staggering job losses, coupled with an ever-growing labor force, means it could be late 2017 before employment returns to the pre-recession levels of 2007, according to the study, conducted by Rutgers economists Jim Hughes and Joseph Seneca."
That is an overly optimistic view, like japan we are in for a lost decade as its going to get even worse:
"The full brunt of the impact is yet to be felt, he added, because many laid-off finance workers received one-year severance packages. When their packages expire, unemployment figures will increase further"
Hmmm...I could swear that this is exactly what I said the Rutgers report from a few years back indicated, but no one listened to me in that thread. Maybe now they'll get it......
IMO the biggest problem in NJ is jobs or lack of jobs, We neeed real jobs, not thousands of fast food workers or computer operators. We need the jobs that our govt. gave away to China, Tiawan and all the other far East countries because. They convinced many that it's a "global economy" and good for the US. Way before it was a "global economy" NJ had plenty of manufacturing jobs that provided work for skilled and unskilled hourly workers. Those hard working people who bought starter homes from those on the way up so they could buy their second homes. Those workers are gone and replaced by minimum wage restaurant and mall workers who will never be able to buy in NJ.
NJ once had a thriving middle class but now in the name of "global economy" it is gone and probably will never return.
Nobody complained about the taxes when everybody was working. More workers mean more tax payers.
I tried that and its almost impossible to do, next time you go shopping see where everything is made. Very little is made here. Even raw materials like steel comes from indian companies like mittal steel whose CEO home is here: http://www.bing.com/maps/default.asp...l___&encType=1
That is his house, not office.
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