NJ’s Wealthiest Resident Leaves for Florida

From Bloomberg:

Tepper’s Most Profitable 2015 Trade May Be Moving to Miami

New Jersey lost its richest resident late last year when billionaire David Tepper decamped to the tax friendly climes of Florida.

Tepper registered to vote in Florida last October, listing his residence as a Miami Beach condominium, and followed up in December by filing a court document declaring that he is now a resident of the state. He also carried out a business reorganization on Jan. 1 that relocated his Appaloosa Management from New Jersey to Florida, which is free of personal income and estate taxes.

The move could save Tepper hundreds of millions of dollars in state taxes several years from now. Florida has been pitching itself as a warm-weather tax haven to hedge fund managers in the Northeast, some of whom face a 2017 deadline to pay taxes on billions of dollars in performance fees that they had kept offshore for years. A Florida residence could offer partial relief to New York and New Jersey money managers who face the prospect of surrendering at least half of the deferred money to federal, state and local taxes.

“Anyone who has a large deferral coming due in 2017” is thinking about ways of reducing the tax hit, said Anthony Tuths, a tax attorney in the New York office of Withum who advises alternative investment funds. “What is easier than packing up your house in New York City and moving down to Miami?”

Tepper, 58, lived in New Jersey for more than two decades, initially as an executive at Goldman Sachs Group Inc., where he helped run junk-bond trading during the late 1980s and early 1990s. He founded Appaloosa in 1993 and now has an estimated fortune of $10.6 billion, according to the Bloomberg Billionaires Index. That ranks him as the wealthiest person in New Jersey.

When Tepper personally relocated to Florida, part of his firm came along. Under a Jan. 1 reorganization, the firm moved what was formerly its main investment advisory unit to Miami from Short Hills, according to a filing with the SEC. Because the previously deferred offshore fees would normally be paid out to this unit, the move could be key to saving money on state taxes in 2017.

As a New Jersey resident, Tepper would have to pay the 9 percent state tax upon reporting his deferred compensation in 2017 on top of a federal tax rate of 39.6 percent. Moving to Florida could at least eliminate the 9 percent tax.

Because Appaloosa Management is now in Miami, the deferred fees that it receives in 2017 from the offshore funds will qualify as Florida-sourced income for tax purposes, Tuths said. So will the future performance fees that Appaloosa Management receives as the general partner for Tepper’s primary onshore vehicle, Thoroughbred Fund LP. As a Florida resident, Tepper won’t have to pay any state income taxes on such fees when they’re passed along by Appaloosa Management.

This entry was posted in Economics, New Jersey Real Estate, Politics, Property Taxes. Bookmark the permalink.

94 Responses to NJ’s Wealthiest Resident Leaves for Florida

  1. grim says:

    Congratulations NJ, you’ve lost yourself a resident and a business who were paying hundreds of millions of dollars in taxes.

    Because of NJ’s insatiable greed to take more, we get nothing.

    Let me guess who is going to make up the shortfall.

    Cue the socialist liberals with their cries of “good riddance”.

  2. grim says:

    New Jersey’s One Percenters pay 40% of all income tax collections in NJ – and the biggest one percenter just left.

  3. grim says:

    From NJBIZ:

    David Tepper moves to Florida: Business community not surprised Jersey’s wealthiest resident has left state

    Upon learning of the report, some state business leaders said they weren’t shocked at the notion that a billionaire would want to leave New Jersey’s high-tax climate.

    “I’m not surprised at it,” said New Jersey Chamber of Commerce Executive Vice President Michael Egenton.

    Egenton said that, while he wishes the state could keep its wealthiest residents, he understands why they flee, adding that it would be “disingenuous” for any financial planner to tell them to do otherwise with the current tax structure the way it is.

    While New Jersey is currently mulling over legislation to gradually phase out its estate tax, its 9 percent income tax rate is still comparatively high and pales in contrast to those states that, like Florida, impose no state income tax at all.

  4. D-FENS says:

    The Laffer Curve in action.

    Who can dispute that raising the tax rate further in NJ would decrease revenue?

    These are people with means, and can move to a lower tax state with ease.

  5. The Great Pumpkin says:

    So what is the answer? Make our state more like Florida? Destroy our education system so that we attract 1%ers and rich retirees? Does this guy really need the extra money that we have to bribe him to stay with lower taxes? These are some serious questions on the issue.

  6. D-FENS says:

    The answer is, enact policies that encourage increased economic activity…like streamlining or decreasing regulation.

    More economic activity…means more people and business to tax.

    Just increasing the rate chases business away.

    The Great Pumpkin says:
    March 17, 2016 at 7:50 am
    So what is the answer? Make our state more like Florida? Destroy our education system so that we attract 1%ers and rich retirees? Does this guy really need the extra money that we have to bribe him to stay with lower taxes? These are some serious questions on the issue.

  7. The Great Pumpkin says:

    Let’s say that we decide to beat the other states in the northeast to the punch by lowering our effective tax rates to compete with states like Florida. Everyone will follow in the spirit of competition, and how will these governments function with much less tax revenue. I highly doubt that eliminating the income tax will lead to higher tax revenue, but I can be wrong. I just don’t see it. Look at Kansas as a case study.

    “Tax cuts enacted in Kansas in 2012 were among the largest ever enacted by any state, and have since been held up by tax-cut proponents in other states as a model worth replicating. In truth, Kansas is a cautionary tale, not a model. As other states recover from the recent recession and turn toward the future, Kansas’ huge tax cuts have left that state’s schools and other public services stuck in the recession, and declining further — a serious threat to the state’s long-term economic vitality. Meanwhile, promises of immediate economic improvement have utterly failed to materialize.

    As other states consider large tax cuts, they should heed these key lessons from Kansas:

    Deep income tax cuts caused large revenue losses. Kansas’ tax cuts this year are costing the state about 8 percent of the revenue it uses to fund schools, health care, and other public services, a hit comparable to a mid-sized recession. State data show that the revenue loss will rise to 16 percent in five years if the tax cuts are not reversed.
    The large revenue losses extended and deepened the recession’s damage to schools and other state services. Most states are restoring funding for schools after years of significant cuts, but in Kansas the cuts continue. Governor Sam Brownback recently proposed another reduction in per-pupil general school aid for next year, which would leave funding 17 percent below pre-recession levels. Funding for other services — colleges and universities, libraries, and local health departments, among others — also is way down, and declining.

    The tax cuts delivered lopsided benefits to the wealthy. Kansas’ tax cuts didn’t benefit everyone. Most of the benefits went to high-income households. Kansas even raised taxes for low-income families to offset a portion of the revenue loss; otherwise the cuts to schools and other services would have been greater still.

    Kansas’ tax cuts haven’t boosted its economy. Since the tax cuts took effect at the beginning of 2013, Kansas has added jobs at a pace modestly slower than the country as a whole. The earnings and incomes of Kansans have performed slightly worse than the U.S. as a whole as well. (An exception is farmers, whose incomes improved as the state recovered from a drought.) And so far there’s no evidence that Kansas is enjoying exceptional business growth: the number of registered business grew more slowly last year than in 2012, and the state’s share of all U.S. business establishments fell over the first three quarters of last year, the latest data available.

    There’s little evidence to suggest that Kansas’ tax cuts will improve its economy in the future. No one knows for certain how Kansas’ economy will perform in the years ahead, but it isn’t likely to stand out from other states. The latest official state revenue forecast, from November 2013, projects Kansas personal income will grow more slowly than total national personal income in 2014 and 2015.[1]

    Evidence from other states and academic studies casts further doubt on claims that the tax cuts will cause the state’s economy to boom. States that cut taxes the most in the 1990s performed worse, on average, over the course of the next economic cycle than states that were more prudent.[2] And the academic literature overwhelmingly finds that states with lower personal income taxes perform no better economically than their peers.[3]”

    http://www.cbpp.org/research/lessons-for-other-states-from-kansas-massive-tax-cuts

  8. D-FENS says:

    7 – Did you not read my post? Am I talking to myself?

  9. GOP's broken (the good one) says:

    where’s my post at? unmod

  10. grim says:

    If you used the work soc ial ist, you will go to blacklist.

    Within that word is the name of an ED drug that represents a massive amount of spam volume.

  11. nwnj3 says:

    Bumpkin is one part obtuse and one part troll. Even if he’s capable of understanding something he refuses to acknowledge it or uses some other troll tactic(i.e. strawman such as implying someone suggested to eliminate the state income tax).

  12. GOP's broken (the good one) says:

    there are many good answers. flat 75% federal tax above the first $100mn

    these pricks have no skin in the game. some one else died in Iraq to make sure he could make that dough. instead, they provide billions in financing to the GOP. but now the GOP’s broken

    The Great Pumpkin says:
    March 17, 2016 at 7:50 am

    So what is the answer?

  13. D-FENS says:

    12 – Sure…because there are no big donors to the Democrat party. Riiiiiiiight.

  14. GOP's broken (the good one) says:

    problem wouldn’t exist if right wingers could get it up without needing a pill

    they be too fat and too old

    grim says:
    March 17, 2016 at 8:51 am

    If you used the work soc ial ist, you will go to blacklist.

    Within that word is the name of an ED drug that represents a massive amount of spam volume

  15. D-FENS says:

    Group actually fights for (on their own)…and creates a democracy in the middle east. Yet our state department refuses to recognize.

    http://www.aljazeera.com/news/2016/03/syria-civil-war-kurds-declare-federal-system-north-160317111902534.html

    The Syrian Kurdish Democratic Union Party (PYD) and several allied groups have voted to create an autonomous federation in the northern part of Syria.

    Officials of the PYD claimed autonomy in the Kurdish-controlled areas on Thursday after two days of meetings with delegates of different communities in the country’s north.

    Representatives of the Kurdish, Arab, Assyrian communities and other ethnic groups met in the town of Rmeilan in Hassakeh province to discuss combining three Kurdish-led autonomous areas into a federal system.

  16. The Great Pumpkin says:

    Yes, maybe I misunderstood it. I was assuming you would recommend lowering taxes to attract business….being the income tax.

    D-FENS says:
    March 17, 2016 at 8:41 am
    7 – Did you not read my post? Am I talking to myself?

  17. D-FENS says:

    http://www.aljazeera.com/news/2016/03/syria-kurds-federalism-opposes-160317080412664.html

    The Americans have already voiced their opposition to a federal Kurdish region in Syria, apparently preempting an actual declaration. The US State Department issued a statement on Wednesday affirming they would not support “any” self-ruled, semi-autonomous zone in Syria.

  18. grim says:

    It’s not about being overly accommodating to business and residents from a tax perspective, it’s about not being so disproportionately dis-accommodating that everywhere else in the US is a better option.

    When you are top 5 on every “Highest Tax …” list, you are not in a positive position. Arbitrage becomes the only realistic option. Earn money here, take it somewhere else.

    Don’t talk about rich people gaming the system. Plenty of cops and teachers on pensions do exactly that, take it to Florida where it goes further. It’s being smart, it’s not being greedy.

    So how about we move our taxes inline with the average? Why is that such a shock?

  19. grim says:

    Bumpkin is one part obtuse and one part troll. Even if he’s capable of understanding something he refuses to acknowledge it or uses some other troll tactic(i.e. strawman such as implying someone suggested to eliminate the state income tax).

    You need to read everything he writes in the same clouded context that he uses, everything devolves into a zero sum game. Once you do this, you can understand his position, not that you would agree.

    For example, for Pumpkin, when Tepper leaves NJ, he frees up millions of dollars in capital that he was stealing from the residents of NJ – therefore his leaving creates a net positive situation where everyone else sees more income as a result.

    Get it?

  20. Ottoman says:

    Of course income tax only accounts for 20% of all NJ state and local tax revenues, so what you’re really talking about is around 8% of all taxes collected. Im sure the 1 percenters appreciate you shilling for them with that big scary number. Makes them sound almost important.

    grim says:
    March 17, 2016 at 6:40 am
    New Jersey’s One Percenters pay 40% of all income tax collections in NJ – and the biggest one percenter just left.

  21. 3b says:

    Pumps: I have said it before but here goes again. For all the taxes paid the schools are not all that great. Especially so at the junior high and high school level

  22. nwnj3 says:

    #20

    I think so, and I’m sure Bumpkin considers it a positive that a housing unit will be freed up in Short Hills. That will give someone else an opportunity to live there, since we can all obviously afford to live there and support those homes.

  23. chicagofinance says:

    chicagofinance says:
    March 17, 2016 at 12:05 am
    Dedicated to clot:
    “……By 2012, Brad Miller, a five-term Congressman from North Carolina who attended North Carolina, had already declared he wasn’t running for re-election. So around tournament time, when a reporter asked him about Duke, he decided to let his feelings fly. If the Blue Devils were playing the Taliban, he said, he’d be compelled to cheer for the latter. The comment prompted a lot of hate mail, Miller said. But a fair number of people reached out to thank him for making a brave stand against all things Blue Devil. “I’d never vote for a Democrat,” one person said, “except maybe you.”

    Now out of public office, Miller said he’s not really sure why his comment was such a big deal to people. “It was obviously a joke,” he said. “Duke and the Taliban weren’t even on each other’s schedules that year.”…..”

  24. chicagofinance says:

    from yesterday……….

    chi says:
    March 16, 2016 at 4:06 pm
    Your full name dot com does not work either. The response from Chrome is identical

  25. grim says:

    Of course income tax only accounts for 20% of all NJ state and local tax revenues, so what you’re really talking about is around 8% of all taxes collected. Im sure the 1 percenters appreciate you shilling for them with that big scary number. Makes them sound almost important.

    Can you show me taxes paid by income quartile across the other tax types?

  26. nwnj3 says:

    It’s the death by 1000 cuts phenomenon but it doesn’t make it any less dire. There has to be either a restructuring of public spending in NJ or it will become a crisis situation again, likely sooner than later.

  27. Comrade Nom Deplume, Newspeak Editor says:

    [1] grim,

    Coming to a country near you . . .

  28. Comrade Nom Deplume, Newspeak Editor says:

    [28] nwnj

    So long as NJ doesn’t rise gas taxes or Delaware River bridge tolls, it’s all good

  29. Rob says:

    Once enough tax revenue from the wealthy leaving the state causes more budget issues, the Democrats, who champion themselves on claims they are for the poor and middle class, will attack the very same people with higher taxes to give raises and fund the pensions and health care of the government workers.

    Growing the private sector economy will fix the issues we have. Growing the government as a bigger percentage of the private sector will lower everyone’s standard of living. It is too bad most people do not understand this simple concept.

  30. The Great Pumpkin says:

    I think the issue is a lot more complicated. It comes down to whether a state will cater to families or retirees, or play the middle road. Nj def caters to raising a family as opposed to retirees. Low cost states def cater to retirees, which as you allude to, forces people to go to florida to make their money go further.

    What’s the answer to all this? I really don’t know, but it’s a very complicated situation based on a relationship of give and take. You make this a low cost state, then you have to give back all the services that make it a high cost state. So now you will not be attracting people that want to live in one of the best locations for raising families. They will now seek out a location that is better for raising families. In turn, Nj will keep more of its’ current retirees and attract other retirees. We will lose our professional class that seeks out a great place to raise their family, and in turn get frugal retirees who don’t really spend money. Is this what we want? If a low tax state is such a positive, why do professional families avoid like the plague raising their kids in states like Florida?

    So it’s a complicated issue that is based on who you want to attract to your state. In the spirit of competition, the middle road seems like a dead end, you must either go all in on retirees or professional families.

    grim says:
    March 17, 2016 at 9:22 am
    It’s not about being overly accommodating to business and residents from a tax perspective, it’s about not being so disproportionately dis-accommodating that everywhere else in the US is a better option.

    When you are top 5 on every “Highest Tax …” list, you are not in a positive position. Arbitrage becomes the only realistic option. Earn money here, take it somewhere else.

    Don’t talk about rich people gaming the system. Plenty of cops and teachers on pensions do exactly that, take it to Florida where it goes further. It’s being smart, it’s not being greedy.

    So how about we move our taxes inline with the average? Why is that such a shock?

  31. Ragnar says:

    In local sporting news, Chris Christie’s son has learned to see things the Trump way. http://m.nydailynews.com/sports/college/chris-christie-son-thinks-safe-base-article-1.2567750

  32. chi says:

    Paying NJ Transit conductors $200k a year with full pension while chasing David Tepper out of the state. Nice tradeoff.

  33. Ragnar says:

    NJ caters to corrupt politicians and overpaid bureaucrats, and people who want “free” stuff from government. Who convince weak-minded people to believe the old platitude that “it’s for the children”.

  34. Ragnar says:

    Almost all of the Florida-educated people who I know that went into corporate finance were promoted beyond senior financial analyst by their 30s. Since their educational system was so much worse than NJ provides, I guess it was just their superior talent that made the difference.

  35. 3b says:

    #32 pumps: I am astounded that you believe NJ caters to families raising children if you mean that they cater to average middle class families.

  36. 1987 Condo says:

    Maybe not opening a business here…

    There were cheers Monday night as Plainfield council passed an ordinance making it the 12th municipality in N.J. to required paid sick leave for private sector workers.

    The law was passed by a 5-1 vote after a grassroots campaign led by New Jersey Working Families and Working Families for Plainfield.

    Councilwoman Diane Toliver abstained from the vote and Councilwoman Gloria Taylor voted no.

    The ordinance was brought before the council last year but did not pass. In November 2015, Elizabeth became the 10th municipality in the state to pass paid sick leave when it was proposed as a ballot question.

    The ordinance allows private-sector workers to earn one hour of sick time for every 30 hours worked. Those that work in businesses with 10 or more employees can earn five paid sick days per year; workers in businesses with nine or fewer employees would be eligible to earn three paid sick days per year.

    Also, employees directly in contact with the public, such as food service and daycare workers, would be eligible to earn five sick days no matter the company’s size. The days can be used to care for themselves or for sick children, siblings, grandparents or grandchildren.

    City residents overwhelmingly approved a measure requiring that all private businesses offer employees paid sick leave.

    The New Jersey Working Families canvas team said they spoke to 2,273 Plainfield residents, and, off those, 2,182 signed a petition, wrote a letter, or called their council member in support of the ordinance. A poll conducted last year by the group also found that more than 80 percent of likely voters support it.

    “It’s fantastic to see Plainfield join the growing number of New Jersey municipalities that want to keep their families, communities, and local economy healthy by allowing all workers to earn paid sick time,” said Analilia Mejia, executive director of New Jersey Working Families. “Over the next few months we will share lessons and best practices from cities that have successfully implemented earned sick time, and we will work closely with the City of Plainfield to ensure workers and employers understand their rights and responsibilities under the new law.”

    According to a release from NJWF, the Rutgers Center for Women and Work estimates that 10,000 workers who previously lacked any paid sick days will now be covered. If you add that total to those covered in Elizabeth, 40 percent of the 85,000 workers in Union County who previously lacked paid sick time are now covered, the release says.

    “This is a tremendous moral victory for Plainfield’s working families,” said Reverend Tracy Sprowls, of the Unitarian Universalist Church of Plainfield. “For too long, too many workers in our city have been forced to make an impossible choice between their family’s health and putting food on the family table. We thank Mayor Mapp and council members for this courageous step, and for making our city a fairer, healthier place to live and work.”

    Other N.J. municipalities with earned sick time laws include Jersey City, Newark, Passaic, East Orange, Paterson, Irvington, Montclair, Trenton, Bloomfield, Elizabeth, and New Brunswick.

    “Businesses in the cities that have recognized earned sick time as a basic right have seen that the policy helps their bottom line,” said Terri Slaughter-Cabbell, a lifelong Plainfield resident, former Plainfield School Board member, and a member of Working Families for Plainfield. “Workers who can take a day or two to rest get well more quickly, don’t spread germs in the workplace, and are more loyal and productive. This ordinance won’t just keep families healthy, it will keep our local economy healthy as well.”

    http://www.nj.com/union/index.ssf/2016/03/plainfield_becomes_12th_nj_city_to_require_paid_si.html

  37. D-FENS says:

    NJ and you….Do it for the children.

  38. Bystander says:

    Another person bites the dust due to outsourcing. He led company’s prod services team for 25 years but they sent it all to India. Migrated himself out of a job. These stories are not BS. Our politicians need to be taken to task on this issue.

  39. D-FENS says:

    New Trump Video Is Very Classy, Features Hillary Barking Like A Dog

    http://thinkprogress.org/politics/2016/03/16/3761050/trump-clinton-barking-ad/

  40. HouseWhineWine says:

    Quality of schools in N.J. seems uneven. I live in central N.J., my children got a really good middle school and high school education. No complaints. They were in higher level classes, so to be fair, I don’t know about the quality of all the classes and teachers. Then I work with N.J. raised adults, same age as my children, and their lack of education shows. So, I don’t really know if all our taxes are worth it.
    We stay here in N.J. because I never run out of things to do. Yes, I have traveled a lot, seen what life is like in Florida, midwest, elsewhere. Not enough for me to do there. Love the four seasons, theater, sports, music, clubs, even the library in my county is top notch. I don’t want to give that up, for lower taxes somewhere else. At least, not yet. To each his own, I know I am fortunate to actually be able to afford to stay here.

  41. The Great Pumpkin says:

    Yes, well where are those job creators? They are busy shipping jobs in the name of super efficient profit taking, and leaving the govt to care for people with no access to jobs. Hell, the govt is left being responsible for creating jobs so that the unemployment rate doesn’t go too high and take out the economy. So I totally agree, the private sector has to do a much better job with job creation and the economy; the private sector is forcing the govt to become job creators, which is a$$ backwards, along with a nanny state (welfare)for the people who can’t find access to income in our economy.

    Bottom line, private sector is doing a horrible job right now. they are allowing close to 50% of our population to not pay taxes to the fed govt because of lack of opportunities in the economy. Someone needs to step the f$ck up and start creating some jobs.

    Rob says:
    March 17, 2016 at 11:04 am
    Once enough tax revenue from the wealthy leaving the state causes more budget issues, the Democrats, who champion themselves on claims they are for the poor and middle class, will attack the very same people with higher taxes to give raises and fund the pensions and health care of the government workers.

    Growing the private sector economy will fix the issues we have. Growing the government as a bigger percentage of the private sector will lower everyone’s standard of living. It is too bad most people do not understand this simple concept.

  42. The Great Pumpkin says:

    Do they really make this? I find it hard to believe.

    chi says:
    March 17, 2016 at 11:33 am
    Paying NJ Transit conductors $200k a year with full pension while chasing David Tepper out of the state. Nice tradeoff.

  43. jcer says:

    36 Florida is basically a third world country, the issue here is that income tax has nothing to do with schools, especially schools that are worth going to that is funded by property taxes. NJ income tax funds a bureaucracy and a welfare state.

  44. The Great Pumpkin says:

    It is a great place to raise families. Trust me, if you think the schools are bad here, you would be livid in some low cost area with the education your child will receive. Almost any list you go to will have NJ or Massachusetts in the top spots, now why? You think they are making this stuff up? It’s the truth, I witnessed it first hand.

    nj #1
    https://local.niche.com/rankings/states/best-places-for-families/

    nj#1
    http://www.businessinsider.com/the-11-best-states-to-raise-a-child-2012-1?op=1

    3b says:
    March 17, 2016 at 11:40 am
    #32 pumps: I am astounded that you believe NJ caters to families raising children if you mean that they cater to average middle class families.

  45. The Great Pumpkin says:

    Do it for the children indeed. They are the future. You want them to be as successful as they can be. It’s for the good of society. You will be old one day, and you will pray that the kids that have become adults are able to maintain society. If they fail, there goes your retirement along with your quality of life.

    D-FENS says:
    March 17, 2016 at 11:44 am
    NJ and you….Do it for the children.

  46. The Great Pumpkin says:

    Taxes and all the other noise are not the problem, destruction of jobs/consumer is. It’s the biggest single factor destroying this country and the standard of living; the destruction of our job market. People blaming competition for this are the problem. They are supporting this terrible behavior of selling out this country. It really doesn’t have to be this way, don’t kid yourself.

    Bystander says:
    March 17, 2016 at 11:51 am
    Another person bites the dust due to outsourcing. He led company’s prod services team for 25 years but they sent it all to India. Migrated himself out of a job. These stories are not BS. Our politicians need to be taken to task on this issue.

  47. Essex says:

    45. i’ve got news for you, NJ is catching up to Florida quickly.

  48. Ragnar says:

    I’m sure those bodegas, hair salons and fried chicken joints in Plainfield are thrilled about this new ordinance. They all look like they are run on a shoestring already.

  49. Libturd questioning the gender of Hillary's Cankle fluid. says:

    Pumpkin…you need to immediately dismiss anything from the CPBB. Walmart is a major funder. Though, they are pretty progressive, so Walmart, Ford and Kelloggs are most likely paying to make sure they don’t report any bad stuff on them. You decide. If you were a strict far leftwing brainless liberal like Otto and Anon…you would still dismiss their studies since Walmart helped fund them. But when the machine puts up an ex-Walmart executive to be the POTUS, you close your mouth and pull the lever in lockstep (or is that goosestep) with the other mindless sheep in your party.

  50. Juice Box says:

    Tepper split with his wife two years ago and moved into his massive beachfront Hamptons home. He wasn’t really living in NJ anymore, his wife is apparently is still living in Livingston.

    Makes sense to get completely out of dodge, the tax benefit is secondary to someone who makes billions every year.

  51. The Great Pumpkin says:

    48- Every time you eliminate a job, or let their wages stagnate, you are creating an environment in which people have to carry an ever larger tax burden. It’s a domino effect. Now throw in corporations moving to other countries in the name of the profit and it’s a freaking disaster. Nothing can save the American economy from these kind of destructive practices. You think South Korea, China, and Japan don’t use protectionist measures? What powerful country doesn’t? So why don’t we? Just so our shareholders and ceo’s can profit more, we are selling out our consumer base in the U.S.?

  52. GOP's broken (the good one) says:

    tru dat!

    @Salon

    Right-wing journalism is rarely journalism: “There is no liberal version of Breitbart, or The Drudge Report”

  53. Libturd questioning the gender of Hillary's Cankle fluid. says:

    “There is no liberal version of Breitbart, or The Drudge Report”

    There’s just the NYT and the Washington Post.

  54. Libturd questioning the gender of Hillary's Cankle fluid. says:

    “There’s just the NYT and the Washington Post.”

    I can show you hit piece after hit piece. Just ask.

  55. The Great Pumpkin says:

    Lib, fair enough, but check out this. These economists pretty much all agree that it’s not working.

    “Gov. Sam Brownback wants more days, more months and maybe even more years.

    “These things take some time,” Brownback said not long ago when asked whether his king-size income tax cuts have had the desired effect.

    The key, he said, is patience.

    Arthur Laffer wants more time, too. He’s the philosophical architect of the Kansas income tax cuts.

    “You have to view this over 10 years,” Laffer said. “It will work in Kansas.”

    But that’s one point of view. As Kansas struggles with higher sales taxes and slashed budgets, I wondered what economists who focus on this stuff would say.

    It’s been nearly three years since the state slashed income tax rates and took scores of businesses off the tax rolls. How much time do we have to wait for the “shot of adrenaline into the heart of the Kansas economy” that Brownback promised?

    I randomly called half a dozen economists from around the country. They’re at major think tanks and major universities far from Kansas, and they don’t have any dog in the Kansas dispute. I asked this: Have the tax cuts had enough time to work?

    Economists don’t agree on much, but they agreed on this, and they were unanimous: Yes, the tax cuts have had plenty of time. No question about it:

    ▪ “More than 33 months have passed since January 2013. That’s a long time,” said Charles Ballard, who teaches economics at Michigan State University. “If the tax cuts were ever going to have a major effect, it would have happened by now. I would not have expected a large effect in any event.”

    ▪ “Pushing on three years would be a very long time,” said Mitchell Kane, a professor of taxation at New York University. “If a policy had no effect or bad effects through that length of time, it would be difficult to see it turning around at that point.”

    ▪ “The short-term consequences should have shown up by now,” said George Yin, a professor of law and taxation at the University of Virginia and former chief of staff of Congress’ Joint Committee on Taxation, one of the most influential tax positions in the country.

    ▪ “Three years is enough time to start seeing that impact,” said Don Boyd, director of fiscal studies at the Rockefeller Institute of Government in New York.

    Tax policy is complicated. Very complicated. National and regional economic trends affect any one state’s attempt to boost its prospects. Business owners don’t automatically flock to a tax-cut state because they understand that if a state slashes tax rates, services might suffer.

    So a trade-off quickly looms. Cheaper taxes versus lousier roads or lousier schools.

    Then there’s this: What else is Brownback going to say about the lackluster job growth and a budget in shambles? He’s buying time by saying he needs more of it.

    From a purely political standpoint, Brownback can ill afford to walk away from his tax “experiment” (his word). Distancing himself from his own plan would be akin to President Obama saying adios to the Affordable Care Act.

    Signs that the Legislature is out of patience are everywhere these days.

    Sen. Jim Denning, R-Overland Park, said the tax cut is “not producing what I thought it would produce.” Other conservative Republicans tell me much the same thing. They’re giving the experiment until January. If there’s no turnaround, they’ll get to work on revisions.

    Patience has its limits.”

    Read more here: http://www.kansas.com/opinion/opn-columns-blogs/article41492115.html#storylink=cpy

  56. Fast Eddie says:

    [54]

    You’re highlighting a quote from a liberal journal claiming that there’s no liberal version of right-wing journalism. Brilliant.

  57. D-FENS says:

    Hey Essex, if your people are Trump people (or anyone else on the board), make sure they register to vote….either as “R’s” or undeclared.

    The primary in June in NJ is shaping up to actually mean something. For the Republicans anyway. The D candidate is already anointed. Voters be damned.

    http://www.nj.com/opinion/index.ssf/2016/03/chris_christie_fires_a_shot_across_the_gop_establi.html#incart_most-comments

  58. Juice Box says:

    Re : # 59 – History Rhymes – You can expect the lunatic fringe to be coming out of the woodwork by June 7th . I predict an attempt on Trump’s life, the question is will they be successful as they were on June 6, 1968?

  59. 3b says:

    53 pumps and yet you believe high housing prices and high taxes in NJ are totally justified.

  60. Juice Box says:

    re#58 – Eddie the #1 most popular political site is the fair and balanced Huffington Post.

  61. 3b says:

    #46 Pumps I never said they were bad. I said they are over rated vastly over rated. I put my kids through them. The taxes paid don’t justify the what in many cases is a mediocre education at best especially so at the junior senior level. And my kids were ap supa etc.

  62. 1987 Condo says:

    Valeant down another 10%

  63. D-FENS says:

    From Arab spring to “Democracy” spring

    http://www.zerohedge.com/news/2016-03-17/anti-trump-groups-plot-democracy-spring-largest-civil-disobedience-action-century

    Billionaire funded group…will “protest” (read…riot) against the influence of money in politics.

    oh the irony.

  64. Essex says:

    on’t believe me? Here:

    Home » Urban
    Urban

    Urban is a category of geographic location primarily defined by living in a city. This section focuses on the distinguishing features of New Jersey’s urban areas including density, development, housing, crime and cost of living.

    National Rankings provide data on how New Jersey compares to other states on measures of Urbanization.

    State and Local Reports provide featured analysis of current data on New Jersey’s urban areas.

    National Rankings – compared to other states, New Jersey ranks…

    • 2nd in Worst Friday Afternoon Commute

    Many New Jersey residents participate in two of the 15 worst Friday afternoon commutes (New York and Philadelphia) according to data compiled for Governing by traffic research firm Inrix in July 2012. Inrix compiles a massive database of more than 100 million daily reports from mobile navigation applications, GPS systems in commercial and private vehicles and information recorded by road sensors to compute delay estimates.

    4th Most Expensive City to Fly Out of (Newark)

    April 21, 2014. According to the U.S. Department of Transportation, the average airplane ticket departing Newark Liberty Airport was $499 in 2013. This placed it fourth out of 100 airports examined, behind only Huntsville, AL; Cincinnati, OH; and, Washington’s Dulles airport.

    • Poorly in Best Cities for Job Growth

    New Jersey has only 2 cities listed in the top 100 cities for job growth in 2012, Ocean City was ranked number 26 and Trenton was ranked number 89. Texas had the most cities with 20 according to New Geography’s 2012 ranking.

    • Most Densely Populated State

    With 1,195.5 people per square mile in 2010, New Jersey is the most densely populated state according to the U.S. Census. The U.S. average is 87.4. From 1,001.4 per square mile in 1980 to 2010, New Jersey density’s increased by almost 20 percent.

    • 9th in Urban Overcrowding

    In New Jersey 3.8 percent of occupied housing units in urban areas had more than 1 occupant per room in 2011 according to the American Community Survey. This is the 9th largest percent in the nation. California has the highest with 8.3 percent and Vermont and North Dakota have the lowest with 1.4 percent.

    • Newark, NJ has the 2th Largest Police Force Per Capita

    According to the U.S. Department of Justice, Newark, NJ is tied with Chicago for having the 2nd largest number of local law enforcement full-time sworn personnel per 100,000 residents with 472 in 2008.

    • 45th in Urban Interstate Congestion

    More than 15 percent of New Jersey’s urban interstate mileage is poor according to Reason Foundation’s 19th Annual Highway Report. New Jersey has ranked in last place every year from 2000 to 2008. Overall New Jersey has one of the nation’s six least cost-effective and worst-performing road systems.

    • 1st in Percent of Population Living in Urban Areas

    With 94 percent of its population living in urban areas, New Jersey is tied with California as the most urban state in 2000 (the latest statistics available from the U.S. Census.)

  65. Essex says:

    I luv ya Michael, but you gotta open your eyes a little bit.
    NJ is a fascinating case of change and movement.
    Whatever you think it was — Bell labs, Lucent heyday….ATT etc…
    It just aint now.

  66. Libturd questioning the gender of Hillary's Cankle fluid. says:

    Pumpkin…you look at everything in such a one-dimensional manner. Forget these reports. Just look at NJ’s pension and benefit obligations. I can show you a report (from a supposedly non-partisan group) that says the problem is entirely the underfunding from the state. I can show you another report, from the state itself, that shows the problem is actuarial as well as from increases in health care costs as well as from government underpayments. You need to learn to think for yourself. The attraction of this blog is that it is always ahead of the curve on issue after issue. Yes there are a few knuckleheads here who buy the narratives supplied by their fuhrers. But just ignore them. The truth is almost always nearer the middle of these two positions.

    For example. The Laffer curve, is laughable. Then again, so is the concept of raising taxes so the government can create jobs. Will the Kansas example succeed when given enough time? I would bet it probably will. It does take time for companies to move. The problem is, there are always so many variables that these studies don’t take into account.

    Were you aware that in education, class size has almost no measurable affect on learning? Yes..do the research. Check out South Korea for example and the most recent Kinsey studies. Before you read any study, research the source. Was the study performed to reach a predetermined conclusion? What variables are missing from the study? Sure those lefty articles in the NYT and WP are truthful and factual. But they also intentionally leave out whatever facts didn’t support their conclusions. It’s kind of like Fox News far-fetched stories. Only Fox News doesn’t even work hard to hide the fact they are intentionally fooling their audience. Their viewers are bigger morons than the average Time’s subscriber, so they can simply get away with it easier.

  67. Statler Waldorf says:

    No more silent payroll deductions — people should be required to pay their income taxes lump sum one day before Election Day. That will help focus minds.

  68. joyce says:

    69
    Yup

  69. Raymond Reddington says:

    45 jcer
    Zika will do a number on Fla in the coming years..

  70. Comrade Nom Deplume, in search of snow says:

    [62] juice

    “re#58 – Eddie the #1 most popular political site is the fair and balanced Huffington Post”

    Dammit Juice, you made me spray iced coffee.

  71. Essex says:

    Not sure how the rest of you feel, but the new Audi A4 commercial that uses the Stooges’ music is nauseating…..

  72. The Great Pumpkin says:

    That’s how I always saw Florida. Just like a third world nation, it has pockets of wealth, and just like a third world nation, most of it is not hospitable for an individual used to the better kind of life.

    jcer says:
    March 17, 2016 at 1:07 pm
    36 Florida is basically a third world country, the issue here is that income tax has nothing to do with schools, especially schools that are worth going to that is funded by property taxes. NJ income tax funds a bureaucracy and a welfare state.

  73. The Great Pumpkin says:

    You are right. I have to stop looking at nj with rose colored glasses. Thanks for trying to get me to see the light. The thing that gets me, where else can you go? Everywhere in the U.S. seems like it is dealing with some kind of problem/issue. Country wise, not many places to go that provide the kind of standard of living that the U.S. does that aren’t dealing with economic problems of their own. So where in the U.S. should one raise a family?

    Essex says:
    March 17, 2016 at 4:02 pm
    I luv ya Michael, but you gotta open your eyes a little bit.
    NJ is a fascinating case of change and movement.
    Whatever you think it was — Bell labs, Lucent heyday….ATT etc…
    It just aint now.

  74. Comrade Nom Deplume, in search of snow says:

    I can’t stand Florida. Any more than a week there and I’m ready to hang myself

  75. Fabius Maximus says:

    #59 D-FENS

    My GOP friends are going Kasich.

  76. GOP's broken (the good one) says:

    @BernieSanders

    How did we have so much money to go to war in Iraq
    but somehow we don’t have enough to rebuild the pipes in Flint?
    #FlintWaterCrisis

  77. The Great Pumpkin says:

    Thanks for always trying to help me. I appreciate it. You have to admit, I have come a long way from when I first surfaced on this blog.

    I have OCD issues which leads to the tunnel vision. So try to keep that in mind when you get frustrated and think, “why can’t he get it”.

    That was a good breakdown of this blog. It really is ahead of the curve.

    Libturd questioning the gender of Hillary’s Cankle fluid. says:
    March 17, 2016 at 4:16 pm
    Pumpkin…you look at everything in such a one-dimensional manner. Forget these reports. Just look at NJ’s pension and benefit obligations. I can show you a report (from a supposedly non-partisan group) that says the problem is entirely the underfunding from the state. I can show you another report, from the state itself, that shows the problem is actuarial as well as from increases in health care costs as well as from government underpayments. You need to learn to think for yourself. The attraction of this blog is that it is always ahead of the curve on issue after issue. Yes there are a few knuckleheads here who buy the narratives supplied by their fuhrers. But just ignore them. The truth is almost always nearer the middle of these two positions.

    For example. The Laffer curve, is laughable. Then again, so is the concept of raising taxes so the government can create jobs. Will the Kansas example succeed when given enough time? I would bet it probably will. It does take time for companies to move. The problem is, there are always so many variables that these studies don’t take into account.

    Were you aware that in education, class size has almost no measurable affect on learning? Yes..do the research. Check out South Korea for example and the most recent Kinsey studies. Before you read any study, research the source. Was the study performed to reach a predetermined conclusion? What variables are missing from the study? Sure those lefty articles in the NYT and WP are truthful and factual. But they also intentionally leave out whatever facts didn’t support their conclusions. It’s kind of like Fox News far-fetched stories. Only Fox News doesn’t even work hard to hide the fact they are intentionally fooling their audience. Their viewers are bigger morons than the average Time’s subscriber, so they can simply get away with it easier.

  78. The Great Pumpkin says:

    The truth! Would solve so many problems.

    Statler Waldorf says:
    March 17, 2016 at 4:30 pm
    No more silent payroll deductions — people should be required to pay their income taxes lump sum one day before Election Day. That will help focus minds.

  79. The Great Pumpkin says:

    Based on my post in 53, you are right. I guess I justify them by just accepting that wealthy areas will always get charged an arm and a leg based on the idea that pricing will always follow the idea of what a market will bear as opposed to what is fair pricing. Older I get, the more I realize it’s all bs. One big game of one guy trying to get over on the next.

    3b says:
    March 17, 2016 at 3:03 pm
    53 pumps and yet you believe high housing prices and high taxes in NJ are totally justified.

  80. D-FENS says:

    Fascinating anecdote.

    All of my Democratic and Independent friends are re registering as Republican and voting Trump.

    Fabius Maximus says:
    March 17, 2016 at 6:00 pm
    #59 D-FENS

    My GOP friends are going Kasich

  81. Statler Waldorf says:

    The 1980s had Reagan Democrats, the 2010s has Trump Democrats. The only question remaining, is will Trump will 49 or 50 states?

  82. Do you mind if I quote a number of of your content articles provided that I provide credit score and sources back to your internet site? My website is in the really same spot of curiosity as yours and my visitors would certainly advantage from some of the data you pointed out right here. Please message me if this okay with you. Cheers!

  83. grim says:

    Are NJ’s high taxes due to an extremely high level of services, or an extremely high level of mismanagement….

  84. The Great Pumpkin says:

    Now that’s the golden question. Def a combination of the two. If we regionalized our services, we would def not have a tax problem.

    grim says:
    March 17, 2016 at 7:15 pm
    Are NJ’s high taxes due to an extremely high level of services, or an extremely high level of mismanagement….

  85. D-FENS says:

    Never underestimate the stubborn determination of an unemployed uneducated Irish white guy.

  86. The Great Pumpkin says:

    Think about Wayne. Two high schools means two of everything. On athletics alone, you are doubling the cost by providing double the opportunity. I guess you can’t have someone’s kids missing out on the opportunity to play sports and decorate that college application.

  87. Comrade Nom Deplume, in search of snow says:

    [82] DFENS

    That’s strategic voting, or at least a sizable portion. Most of them are voting for Cankles in the general

  88. D-FENS says:

    One of them is my father. Others include his ex-military and retired police friends. They most definitely would not vote for Hillary under any circumstance. They did vote Obama in the last go round.

    Doesn’t matter anyway, it’s just anecdotal.

  89. D-FENS says:

    http://www.npr.org/2016/03/16/470680309/republicans-are-far-outstripping-democrats-in-primary-turnout

    I don’t think people are getting out to “strategic vote”.

    When it comes to turnout, the tables have…uh, turned.

    In 2008, Democrats had the historic turnout numbers. GOP voters, meanwhile, came out in modest numbers in 2008 and 2012. But this year, Democrats are seeing their turnout figures fall off since 2008. Republicans, meanwhile, are coming out in droves.

    Republicans continued to watch their turnout skyrocket in last night’s five huge primary states. Turnout grew by 16 percent in North Carolina over 2012’s total — and that was the most modest bump. In Ohio, more than 2 million people cast votes, growth of nearly 68 percent over the state’s 2012 GOP number. (Missouri saw growth of 270 percent, but that state also didn’t hold a presidential preference vote in 2012, which likely helped depress turnout.)

  90. D-FENS says:

    http://www.breitbart.com/big-government/2016/03/17/poll-donald-trump-hits-65-percent-in-new-york-more-than-50-percent-ahead-of-ted-cruz/

    A new poll out on Thursday obliterates the latest mainstream media narrative confronting billionaire Donald Trump: That he can’t get majorities, but can only get pluralities, in election results.

    The poll of New York state, conducted by Boston’s Emerson College, has Trump dominating his only two remaining competitors in the Empire State with 65 percent of Republicans there backing him. Only 12 percent back Sen. Ted Cruz (R-TX)97%
    , Trump’s closest competitor, and just one percent support Ohio Gov. John Kasich.

  91. Essex says:

    90. it matters – for everyone. But the GOP has to fall in as well and throw support his way….

  92. D-FENS says:

    93 – Some will some won’t. For the ones who don’t, good riddance.

Comments are closed.