Q: Why do all the trees in Pennsylvania lean east?
A: New Jersey sucks.
Bad as it is that non-New Jerseyites don't appreciate what the Garden State has to offer, a recent poll indicates that many New Jerseyites now believe the state they have called home is a state to "be from":
- 50% of New Jersey residents want to leave the Garden State. Only 45% want to stay.
- 30% of the residents who want to leave the Garden State blame high taxes.
- 12% of those who want to leave claim there's not enough economic opportunity.
- With the Garden State's high cost of living and especially high property tax, New Jersey's income tax is #7 in the United States.
Guess what? Those factors have combined so that New Jersey's level of "outmigration" now compares to that of Illinois and New York, making those 3 states the top three in outmigration in the United States. No joke!
The culprit? According to a Senior Fellow at the Manhattan Institute, Steve Malanga, the answer is high levels of public sector unionization:
- New York's rate is 69.9%;
- New Jersey's rate is 60.7%; and,
- Illinois' rate is 52.3%.
The national average? 35.3%.
What that means is those three states must come up with new revenue sources or raise current revenue sources to pay for their state public pensions. To wit: New Jersey lawmakers recently suggested $1.6B in new taxes to help pay for the state's public pensions.
Those who are outmigrating aren't stupid. They've calculated the tax implications of outmigration over a lifetime. For example, a single, 40-year-old living in New Jersey with annual earnings of $100k could gain $111k over the course of a lifetime simply based upon moving to Texas. And that's just taxes saved, not other savings like cost of living.
No wonder all those people are outmigrating. The Garden State sucks!
Let the discussion begin...
To read the recent poll and Steve Malanga's analysis, click on the following link:
"Poll: The high-tax, gov't union model at work."