One man could cause a budget crisis in New Jersey

[lostinblue 1,989]

This man could destroy New Jersey — by moving to Florida

One man could cause a budget crisis in New Jersey — by moving out of the state.

Billionaire David Tepper has moved from New Jersey to Florida, and the loss of his income tax could leave a $140 million hole.

The 58-year-old founder of the hedge fund Appaloosa Management — who Forbes estimates is worth $11.4 billion — registered to vote in Florida in October, listing a Miami Beach condo as his permanent address, and he filed a court document in December declaring himself a resident of the tax-friendly state.

He also opened a branch of ­Appaloosa in South Beach, though the headquarters will remain in Short Hills, NJ.

The move could leave a devastating deficit in New Jersey’s income-tax revenue, Bloomberg News reported.

Forty percent of the state’s revenue comes from personal-income tax — a third of which is collected from less than 1 percent of taxpayers. Tepper was New Jersey’s wealthiest resident.

“We may be facing an unusual degree of income-tax forecast risk,” Frank Haines, the budget and finance officer at the state Office of Legislative Services, told a Senate committee in Trenton Tuesday.

He added that even just a 1 percent deduction in income-tax revenue could create a $140 million gap in the state’s budget.

New Jersey has the country’s third-highest tax burden, according to the Tax Foundation in Washington. Residents pay not just the nation’s highest property taxes, but are also subject to both an estate tax on the deceased and an inheritance tax on their heirs.

The only other state to subject residents to both an estate and ­inheritance tax is Maryland.

Florida is free of both personal income and estate taxes.

New Jersey’s wealthiest residents pay an income-tax rate of 8.97 percent. State Democrats have pushed for a millionaires’ tax to increase the rate to 10.75 percent, which Republican Gov. Chris Christie has vetoed repeatedly.

Appaloosa’s South Beach office will have no permanent employees and will be used only when Tepper and other employees are in the area, Reuters reported.

Tepper lived in New Jersey for more than two decades, first as a junk-bond trader executive at Goldman Sachs before founding Appaloosa in 1993. He also owns a 11,268-square-foot mansion in ­Sagaponack, LI.

http://nypost.com/2016/04/10/this-man-could-destroy-new-jersey-by-moving-to-florida/

Forty percent of the state’s revenue comes from personal-income tax — a third of which is collected from less than 1 percent of taxpayers...Tax the rich more

[Jacque67 7,328]

I'm sure Christie's food budget does as well.

[lostinblue 1,989]

[Jacque67 7,328]

NJ or Florida???? Teller don't seem so smart for all his apparent wealth-lol.

[TBoneTX 45,959]

1. Forty percent of the state’s revenue comes from personal-income tax — a third of which is collected from less than 1 percent of taxpayers. Tepper was New Jersey’s wealthiest resident.

2. New Jersey has the country’s third-highest tax burden, according to the Tax Foundation in Washington. Residents pay not just the nation’s highest property taxes, but are also subject to both an estate tax on the deceased and an inheritance tax on their heirs.

3. Florida is free of both personal income and estate taxes.

1 + 2 = 3. What took him so long?

Edited April 11, 2016 by TBoneTX

[Boiler 45,952]

Did not Rush do something similar? Also wondering why it took him so long.

[TBoneTX 45,959]

He did (from Nueva York), but probably sooner than the dude in the OP.

Why anyone lives in any high-tax state, or even one with a state income tax, mystifies me.

[lostinblue 1,989]

Hillary Clinton wants the rich to pay their "fair share" of taxes

Those making more than $1 million will pay about 28% of their earnings in federal income and payroll taxes for 2015, according to estimates from the Tax Policy Center. By contrast, those making between $50,000 and $75,000 will pay 11%, while households with incomes between $75,000 and $100,000 will pay 13.4% on average.

Presumably under Clinton's proposals the 28% average effective rate for the $1 million-plus crowd would rise.

Here are the concrete changes she's proposed so far:

Implement the Buffett Rule: Clinton has backed the so-called Buffett Rule, named for legendary investor Warren Buffett. It's designed to ensure those making more than $1 million pay an effective tax rate of at least 30%, after allowing for charitable contributions.

Impose a 4% tax surcharge: In a bid to go "beyond" the Buffett Rule, Clinton has also proposed a 4% surcharge on income over $5 million. That effectively creates a new tax bracket with a top income tax rate of 43.6%, up from 39.6% today. The campaign estimates the surcharge would hit 0.02% of filers.

Raise the estate tax: Today, the first $5.45 million of an individual's estate is exempt from the federal estate tax. And the top tax rate imposed on taxable estates is 40%.

Clinton wants to revert to 2009 parameters. In that case, the exemption level would fall to $3.5 million and the top tax rate would rise to 45%.

Raise taxes on investment fund managers: Managers of hedge funds, venture capital funds and other private equity funds are often paid what's known as carried interest, which is a portion of a fund's profits.

And those profits are taxed as capital gains at 20% (or 23.8% once you include a Medicare surtax). In either case, that is well below the 39.6% top rate high-income individuals pay now on their salaries.

Clinton proposes taxing carried interest as regular income.

Close key tax shelter "loopholes:" Clinton would close down various legal tax strategies that very high-income investors can use to shelter millions and in some cases billions of dollars from U.S. taxes offshore or in tax-preferred accounts such as IRAs.

http://money.cnn.com/2016/01/12/pf/taxes/hillary-clinton-taxes-rich/index.html?iid=EL

Hillary Clinton wants the rich to pay their "fair share" of taxes

Forty percent of the state’s revenue comes from personal-income tax — a third of which is collected from less than 1 percent of taxpayers

Same old song and dance from the socialist . Rich never pay enough even if in NJ case 1% pay one a 1/3 of the state income taxes

after allowing for charitable contributions.... You notice that she intends on keeping donations that Clinton crime family brings in rolling along ..