The Great New Jersey Wealth Exit: Why $2.5 Billion in Income Fled the State
file photo courtesy of Boyd Loving
the staff of the Ridgewood blog
Trenton NJ, New Jersey is facing a significant fiscal wake-up call. According to the latest IRS migration data analyzed by the Tax Foundation, the Garden State isn’t just losing people—it’s losing its tax base. Between 2022 and 2023, the state saw a massive “wealth flight,” with billions in adjusted gross income (AGI) heading south toward lower-tax climates.
