Flee New Jersey, Raise Your Standard of Living
For the benefit of others considering joining the “exodus of businesses, high net worth individuals and working families” from New Jersey (“Jon Corzine Florio,” Review & Outlook, July 1), allow us to personally illustrate the economics.
In 2004 my wife and I (she’s a physician, I’m a management consultant) became two of the 60,000 net departures from New Jersey when we moved to Colorado. Since then our incomes have remained about the same and we live in a home worth 20% more. In contrast, our state income tax rate is 35% less, our property tax burden is 87% less (that’s not a typo!), and because these changes reduce our AMT, our federal income tax rate is 37% lessâand this is all in comparison to pre-Corzine tax rates. In short, we keep more of what we earn and enjoy a higher standard of living. Right now, New Jersey needs higher taxes like the Delaware River needs more water.
Donald D. Gallo
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