By Andrew George, February 11, 2016 at 1:25 PM
The New Jersey Business & Industry Association released a report Thursday indicating that the outmigration of some 2 million New Jersey residents cost the state approximately $18 billion in net adjusted gross income in the years between 2004 and 2013.
“The $18 billion we lost during the years we studied had a significant economic impact on the state,” NJBIA CEO and President Michele Siekerka said. “During that period, we lost $8.4 billion in household spending, $11.4 billion in economic output, 75,000 jobs and $4 billion in total lost labor income.”
The study found that the majority of New Jersey residents leaving the state are migrating to Pennsylvania. New York was the second-most-popular destination for those relocating from the Garden State, showcasing that, while people are leaving in search of lower taxes, they also want to maintain a relatively close proximity to family and friends.
“This pattern underscores New Jersey’s need to stay competitive with its neighbors and those other states vying for our residents and businesses,” Siekerka said.
And it’s not just retirees, either. According to the report, millennials, which it defined as those between the ages of 18 and 34, are leaving New Jersey in the highest numbers.
And they want to raise the gasoline tax and constitutionally mandate pension payments to public sector workers, i.e. prioritize elite, defined benefit public sector pensions for life for the select few over all other state residents and state spending? No other state does this, no wonder people are leaving.
Sweeney, Sarlo and Prieto have overseen this mess created by Trenton, and they’re trying to make it even worse.
These moron politicians say the estate tax “only affects 3000 people”.
These morons fail to realize that everyone else Already left in order to avoid it.
What a bunch of morons
Waaaa Waaaaa Waaaaa……you taxed to death complainers remind me of an adult who has no problem taking candy from a baby.