I received the following from Blackswan87:
New Jersey: the third worst state to live in. Economy-wise that is. The crux of Terrence Dopp and Elise Young’s article “NJ Causes Rich to Move, Economist Says” is that New Jersey’s higher than average taxation of the wealthy is causing a backlash: the wealthy are moving out of state… And taking their highly prized and highly taxable income with them.
There are two contending viewpoints expressed throughout the article: Governor Chris Christie recognizes the need to keep the wealth in-state and has vetoed bills that raise taxes on those earning $1 million or more while Democrats, Stephen Sweeney, a prominent lawmaker in particular, proposes the complete antithesis and advocates for hiking the tax on the wealthy even higher. Ultimately it is hoped on both sides that people will begin to stop migrating out of New Jersey, taking their wealth with them. There is a slight ray of hope, however: this hoped for lack of movement may actually happen- but stem from something ostensibly detrimental: the slow housing market. The market’s lack of impetus is ultimately keeping people in state, accidentally helping the New Jersey economy.
While this article is insightful into the chaos that is New Jersey economics, it is nevertheless depressing that the American Dream – working diligently for the hope of a payout later – is being thwarted by those in power. Taxing the wealthy, merely because they earn more, is Socialistic to the core and ultimately damaging to the economy; luckily Gov. Christie seems to have a firm hold on the reigns… But for how much longer will fiscally responsible Republicans be in control of a blue-to-the bone state? While this article offers hope in that Republicans are holding firm, there is the portentous impending doom that is tangible: Democrats with their spend thrifty ways will ultimately derail the “improving economic […] growth”.