RegentAtlantic's study on the impact taxes have on migration out of New Jersey
Last February our firm released an important study titled "Exodus on the Parkway: Are Taxes Driving Wealthy Residents out of New Jersey?" The goal of the study is to encourage a serious and objective dialogue toward addressing the challenges that New Jersey faces.
In conducting the study, RegentAtlantic consulted with former Governors, a former State Treasurer, the former Chairman of the NJ Council of Economic Advisors, a winner of the Noble Prize in Economics, as well as numerous public policy professionals, attorneys, and accountants. Some preliminary findings include:
- The NJ Income Tax System incentivizes high income New Jersey workers to live in Pennsylvania. Over a twenty-five year period a high income wage earner could save $ 1.8 million by living in Pennsylvania compared to living in New Jersey.
- If a New York City resident chooses to purchase an equivalently priced home in Greenwich Connecticut as opposed to in Summit New Jersey, an additional $3.7 million could be accumulated over a thirty year time period by investing the property tax savings.
- Between 2004 and 2008 families with more wealth left New Jersey than migrated to New Jersey. The net loss of wealth to New Jersey was over $ 69 billion. This resulted in the loss of over $ 1.1 billion in net aggregate charitable contributions.
- Trends project that the number of retirees receiving a New Jersey pension may exceed the number of workers contributing to the pension system
The study is available to view online here or for a physical copy of "Exodus on the Parkwasy: Are Taxes Driving Wealthy Residents out of New Jersey?" please email Tyrel Holston at firstname.lastname@example.org
Please remember that RegentAtlantic does not provide legal or tax advice. Please consult with a legal and or tax professional of your choosing prior to implementing any of the strategies discussed in this paper including changing your state of domicile.
The individuals quoted or acknowledged in this paper have not been compensated nor are they endorsing or recommending the services of RegentAtlantic.
Sonneborn Elected President of the Estate Planning Council of Northern New Jersey
Wealth Advisor Jim Sonneborn was voted in as President of the Estate Planning Council of Northern New Jersey (EPCNNJ) this morning at an EPCNNJ breakfast meeting held at the Hyatt Morristown. Sonneborn has been a member of the council for 5 years, most recently holding the position of Vice President- Membership.
The Estate Planning Council of Northern New Jersey is devoted to the continuing education of its outstanding professional members. By understanding more about this common field of study, the better they perform their jobs and serve the public. The council fosters a fraternal membership among its members, and stimulates discussion with the objective of improving their services.