New Jersey sees exodus of the rich

Jersey’s saying “buh-bye” to the Benjamins

New Jersey is losing its wealthiest residents, and Dennis Bone, chairman of the New Jersey Chamber of Commerce, thinks high taxes may be to blame. Between 2004 and 2008, the state saw a net loss of $70 billion in wealth, compared to a net gain of $98 billion between 1998 and 2003, according to a recent study by the Center on Wealth and Philanthropy at Boston College, and commissioned by the Chamber of Commerce. The departure of high-earners from the state has an adverse impact on both charitable giving and state tax revenue, the study found. [AP via Post]