WSJ: Escape from Taxation

The Wall Street Journal, in an article titled "Escape from Taxation," reports that New Jersey has experienced a dramatic out-migration of wealthy households in response to increases to the state's income taxes.  A study commission by the New Jersey Chamber of Commerce found that from 2004-2008 the state lost $70 billion in household wealth.  The article notes that the decline in wealth can largely be attributed to a 40% increase to the state's top income tax rate passed in 2004.

Posted by Patrick Siegfried, Associate Editor, Wealth Strategies Journal.