Today, it is likely that Governor Phil Murphy will announce whether he will compel New Jersey's states and parks to shutter over the 4th of July weekend in order to impose higher income and sales taxes on the people of New Jersey. However, a new report makes it clear that higher taxes will most likely harm those who are least able to afford afford them, or avoid them altogether by moving out of state.
As ROI-NJ revealed in a new analysis, if Governor Murphy's higher income taxes are enacted, it will be dramatically cheaper for some to live in nearby Pennsylvania and even in the historically high tax state of New York. Shockingly, it will also make it more affordable to live in Governor Murphy's home state of Massachusetts.
This flight isn't shocking of course: As a former Goldman Sachs salesman, Murphy undoubtedly understands that those who can evade paying higher taxes will, and those who can't will bear the brunt of paying more.
Although the new ROI article narrowly focuses on Governor Murphy's push for higher income taxes, it isn't just New Jersey's highest income earners that are feeling the Garden State, of course -- even a prominent New Jersey political reporter recently moved out of the state, fleeing to lower tax and cost of living Pennsylvania.
New Jersey's high cost of living is already driving people out of the state and raising income and sales taxes won't help. It's time for New Jersey to focus on living within its means.
The New Jersey Future Fund