>Democrats continue to Push for Tax increases
The Christie administration pushed back on Democrats’ efforts to revive a tax surcharge on New Jersey’s wealthiest residents by releasing data Monday indicating that higher taxes help drive top income earners out of the state.
Charles Steindel, the Treasury Department’s chief economist, said a survey of national economic data showed that higher taxes caused an out-migration among residents earning more than $125,000 a year, including small-business owners. The number who leave is modest, he acknowledged, but the effect occurs every year, so the result is cumulative.
“There is a relationship between the state’s tax rates relative to the rest of the nation and the net amount of out-migration of both people and income from the state,” Steindel said. “The higher the tax rate the state has, generally the more people it will lose every year.” (Delli Santi, The Associated Press)
