11-10-2010, 06:10 AM
FIC
There\'s a study by Boston College when NJ instituted their \'millionaire\'s taxes\' that shows that $40 billion in assets moved out in 4-5 years.
The folly of what Oregon did is that the state of Washington, just next door, has no income tax. Oregon has a pretty stiff income tax but no sales tax (WA has a sales tax).
In any event, under Christy in NJ, we have a great natural experiment between NJ and ORE. NJ has lowered taxes and ORE has raised them...now we\'ll be able to see what it does in each situation. Though the comparisons are not perfect, they\'re close.
We\'ll also be able to see about employment, charitable giving and investment. In a couple of years, we\'ll have our empirical answers. It should be interesting.
There\'s a study by Boston College when NJ instituted their \'millionaire\'s taxes\' that shows that $40 billion in assets moved out in 4-5 years.
The folly of what Oregon did is that the state of Washington, just next door, has no income tax. Oregon has a pretty stiff income tax but no sales tax (WA has a sales tax).
In any event, under Christy in NJ, we have a great natural experiment between NJ and ORE. NJ has lowered taxes and ORE has raised them...now we\'ll be able to see what it does in each situation. Though the comparisons are not perfect, they\'re close.
We\'ll also be able to see about employment, charitable giving and investment. In a couple of years, we\'ll have our empirical answers. It should be interesting.