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Trenton Continues to Drive Residents From the State

titanic_theridgewoodblog

July 7,2018

the staff of the Ridgewood blog

Trenton NJ, around two years ago, New Jersey’s richest resident , hedge fund billionaire David Tepper decided to move himself and his business to Miami Beach. Tepper, who personally earned more than $6 billion from 2012-2015, was tired of paying New Jersey’s top income-tax rate of 8.97% for the 20 years he lived there, in addition to the country’s highest property taxes, the estate tax and inheritance tax. By moving to Florida, a state with ZERO income tax, Tepper stood to save hundreds of millions of dollars each year. Tepper’s departure left an enormous hole in the New Jersey budget .

Anyone with an ounce of common sense would have at least acknowledged the possibility that a guy like Tepper would consider moving to save a few hundred million dollars , anyone that is except ,”stuck on stupid ” Trenton .

Tepper is not the only one to leave , according to the New Jersey Business and Industry Association, the State of New Jersey lost a whopping 2 million residents between 2005 and 2014, earning a combined $18 billion in net adjusted gross income, i.e. income that would have been taxed by the state.

With those out flow numbers Its not just the masters of the universe that are tired of paying sky-high taxes. It’s also the regular wage earner and small business owners. A whopping 60% of these folks went to Florida, with a state income tax of zero.

So the message from New Jersey’s residents (well, now former residents) is loud and clear: taxes are too high!

Now, what do you think New Jersey is doing to solve this problem?

New Jersey residents elected a governor that promised to raise their taxes, so instead of making the state friendlier to productive people and businesses , New Jersey has embarked on a program of driving out tax payers and replacing them with tax takers .

New Jersey now taxes residents making more than $5 million will now pay 10.75%, up from 8.97%.The corporate rate on businesses with more than $1 million in net income was also increased from 9% to 11.5% (Proportionally, that’s a potentially 27% increase in the amount of tax a business might pay).

This will simply exacerbate the problem even more ,chasing more businesses and people out of the state .

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Democrat Van Drew Says No to “Jersey Shore Tax”

ArtChick_jersey_shore_theridgewoodblog

June 28,2018

the staff of the Ridgewood blog

Trenton NJ, taxes are getting so outrageous in New Jersey even some Democrats are getting nervous . State Sen. Jeff Van Drew (D-1) said he opposes a seasonal rental tax.
“This is something that I thought a lot of us had made clear, that there is an out-migration of people from New Jersey and we have to be really careful on what we do, and we really have to be careful about adding on more and more taxes and fees. New Jerseyans have been taxed, tolled and charged to death.”

The fact is there are plenty of Beaches in Driving distance that are not in New Jersey

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New Jersey has been in the top five outbound states in each of the last seven years from 2011 to 2017

InboundOutbound[1]

see they above chart

January 8,2017

the staff of the Ridgewood blog

Ridgewood NJ, North American Moving Services has just released its annual US Migration Report for 2017 based on household moves from one US state to another last year.

In 2017, the top five inbound US states were: Arizona, No. 1 with 67% inbound moves vs. 37% outbound, followed by Idaho (63%-37% in-out), North Carolina (62-38%), South Carolina (62-38%) and Tennessee (58-42%).

The top five outbound US states last year were No. 1 Illinois (32% inbound moves vs. 68% outbound), followed by Connecticut (38%-62% in-out), New Jersey (38-62%), California (40-60%), and Michigan (41-59%).

Illinois has been among the top five outbound states in each year from 2011 to 2017 and was No. 1 or No. 2 in each of those years except 2011 when it was No. 3. New Jersey has been in the top five outbound states in each of the last seven years from 2011 to 2017. Connecticut has been in the top five outbound states every year since 2011 except for 2012, and Michigan every year except 2013. Last year was the first time that California was among the top five outbound states.

For the top five inbound states, Arizona has been included every year except 2011, and it’s been No. 1 or No. 2 in each of the last four years. South Carolina has been in the top five inbound states in each of the last seven years, and North Carolina every year except two (2011 and 2015). Florida has been among the top five inbound states in most years but wasn’t in 2017, it was replaced in the top five by Tennessee, which made its debut last year.

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Moving, A Reminder from Ridgewood Water

water_meter_theridgewoodblog
July 30,2017

the staff of the Ridgewood blog

Ridgewood NJ, Ridgewood Water reminds you that If you are moving, a final meter reading is required. The read should be scheduled 3-5 days before the closing. A reading can be scheduled in either of the following ways:

1) Fill out a final read request form (can be found HERE). E-mail the completed form to [email protected] You will be contacted soon thereafter.2) Call our Customer Service center at 201-670-5520 and a representative can set it up for you.

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TAXING HEDGE FUND MANAGERS JUST LIKE REGULAR FOLKS — A MATTER OF FAIR PLAY?

ridgewood real-estate

chasing more tax payers out of the state , here is a clue you dont have to live in Jersey to run a hedge fund 

JOHN REITMEYER | JUNE 9, 2017

Performance fees earned by hedge fund managers are taxed at a far lower rate than personal income. The difference to NJ: as much as $100M annually

Lawmakers in the state Assembly gave their final approval yesterday to a bill that would establish a new tax in New Jersey to make up for what many consider to be a federal loophole that delivers a huge break to Wall Street fund managers.

Portrayed by supporters as an issue of basic fairness, the legislation would levy a hefty new tax on performance fees earned by managers of hedge funds and private-equity funds that are commonly referred to as “carried interest.”

The performance fees, under current federal rules, are generally taxed as capital gains instead of as individual income. The difference can provide huge savings for fund managers because of the higher tax rates that the federal government levies on personal income compared with the rates on capital gains.

New Jersey could generate $100 million or more in new revenue according to some estimates by establishing a state tax on the performance fees. The legislation, however, would also need to be passed in several other neighboring states to go into effect in New Jersey. If it were enacted only in New Jersey, it would be an open invitation for fund managers to move to a nearby state with a friendlier tax environment.

http://www.njspotlight.com/stories/17/06/08/taxing-hedge-fund-managers-just-like-regular-folks-a-matter-of-fair-play/

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Reader says “TAXES ARE TOO HIGH RIDGEWOOD AND NO ONE IS ADDRESSING THIS RISK”

for sale Ridgewood_Real_Estate_theRodgewopodblog

file photo by Boyd Loving

Here come those moving trucks for the late Spring selling season..so many
Families moving south for lower taxes ,retirees seek social security favorable or non tax status for retirees.Younger families will end up holding the bag of worst choices in order to stay in north jersey. Technology is also creating a huge increase in home office remote work lifestyles.which means that as long as the children are in a decent school district the past ties to the need to be in a commuter friendly costly tax town is not as high on the list as in years past.Familiies also have to save hundreds of thousands of after tax dollars as their kids college and high costs years are just ahead.Not everyone is a Wall Street mogal or a ridgewood millionaire.We need to keep costs in check,examine cross township shared muni services,Garbage , Maintenance ,sewers departments ..even Fire Department etc.TAXES ARE TOO HIGH RIDGEWOOD AND NO ONE IS ADDRESSING THIS RISK To our home investments here ..lots of for sale signs I mid winter is a possible early warning .people getting out early

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We are Number 1 NJ ranks No. 1 in people leaving state

for sale Ridgewood_Real_Estate_theRodgewopodblog

June 8,2015
the staff of the Ridgewood blog

Ridgewood NJ, Sixty-five percent of moves in New Jersey are moving moving out of the state. Yes New Jersey is number one, but it’s nothing to proud of.

According to the 2014 Annual National Movers Study, New Jersey has the most number of people leaving the state.Last year, 65 percent of moves in New Jersey were people leaving the state.

In a News 12 New Jersey poll earlier this year  ; when asked residents who thought they would be leaving why the bulk of the respondents said the reason for the move is property taxes .