Anti-tax BS being pushed by Bloomberg News Service

[marmar]

(Bloomberg) New Jersey’s high taxes drive out wealthy residents, slowing the state’s recovery, said Charles Steindel, the treasury department’s chief economist.

Property, income and estate taxes are the top reasons people leave, said Steindel, who released a study of federal tax data and a survey of financial advisers today at an economic forum in Trenton organized by the treasury department.

Governor Chris Christie, a first-term Republican, has twice vetoed measures sponsored by Democrats that would have raised income taxes on residents earning $1 million or more. Senate President Stephen Sweeney, the state’s highest-ranking Democratic lawmaker, said last week his party would push again for passage of a so-called millionaire’s tax.

“There is a relationship between state tax rates and where people move,” Steindel, a former senior vice president of the Federal Reserve Bank of New York, told reporters. “The higher tax-rate states generally lose more people every year.” .........(more)

The complete piece is at: http://www.bloomberg.com/news/2011-11-14/new-jersey-taxes-to-blame-for-rich-people-moving-treasury-economist-says.html