‘My Clients Are Fleeing NJ Like It’s on Fire’ - WSJ

‘My Clients Are Fleeing NJ Like It’s on Fire’ - WSJ
"After tax reform, a stampede from high-tax states.
That headline arrives via email from a money manager in northern New Jersey. 
The Garden State already has the third largest overall tax burden and the country’s highest property tax collections per capita. 
Now that federal reform has limited the deduction for state and local taxes, the price of government is surging again among high-income earners in New Jersey and other blue states. 
Taxpayers are searching for the exits.

In the financial industry of course it’s not just the clients who are looking for greener pastures. One hedge fund manager moving his office to a southern state reports that his new home on a golf course will be more than double the size of his house in Chatham, N.J. while generating just one third of the current property tax bill.

...“We structure real estate deals for family offices and high-net-worth individuals and at a record pace those family offices and individuals are leaving the TriState for lower-tax states. Probably a dozen this year at least,” he writes via email..."

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