This is, quite simply, one article you must read. The state of New Jersey has lost $70,000,000,000 in a five year period due to their Progressive (“tax the rich”) tax policies. The result? The rich left and took their businesses with them because they simply could not afford to stay in New Jersey.
40% of the tax revenue in New Jersey is shaken from the pockets of the top 1%. This is the same type of tax policy the Obama administration pushes on America. Remember, “No taxes on anyone making less than $250,000”? What happens when you tax them into non-existence? Lower the definition of wealthy and keep on taxing!
But, I digress… See the full story here.