A new report done in New Jersey found that between 2004 and 2008, the state lost $70 billion in wealth. Of course, that was all the ammunition the ideologues would need to turn the problem into one of high income taxes driving away wealthy residents. No matter that the facts didn’t back them up…
“Let’s check the facts: According to this report, the exodus of wealthy families from New Jersey did not increase when taxes rose after 2004, as Pennachio suggests. It actually slowed down. The problem was the sharper drop-off in new arrivals.
And according to the Department of Treasury, the number of families in New Jersey earning at least $500,000 has skyrocketed in the last decade, despite rising income taxes. You can look it up.
When told of these facts, Pennachio showed a politician’s resolve in the face of inconvenient truth: ‘I just don’t believe those numbers,’ he says.”
Full article here.
