đź’° IRS data analyzed by business leaders shows New Jersey has lost $48.25 billion in taxable income since 2004.
➡️ Florida, New York and Pennsylvania saw the biggest inflows of former New Jersey wealth in 2022-23.
⚠️ Business leaders warn proposed tax increases could worsen New Jersey’s outmigration problem.
New Jersey has lost billions in taxable wealth as residents flee high taxes, according to state business leaders.
Income tax data from the IRS is analyzed each year by the New Jersey Business & Industry Association, which has represented employers in the state for over 115 years.
Since 2004, the first year adjusted gross income was tracked, the state has lost a net $48.25 billion in taxable income as people and companies have abandoned the state.
Florida, New York and Pennsylvania gained the most from New Jersey outmigration
Newly analyzed individual income tax data from the IRS shows a net outflow of nearly $2.8 billion for tax year 2022-23. Those are the latest numbers available…