The Workplace Report

Parasites In Panic: New Jersey Tax-Loving Bureaucrats Alarmed By One Man’s Departure

Leeches, ticks and other types of parasites—even in human form—can only prey upon their host while either the host is a) alive, b) unaware, or c) consenting.

Tax the Rich protestersThe moment the parasites either kill the host or if, by chance, the host is lucky enough to eventually become aware and revokes its consent, unless another host can be quickly found, the parasites’ days are numbered, its existence doomed.

Such is the case for the tax-loving parasites controlling the collectivist State of New Jersey.

One host, a billionaire, has revoked his consent, moved out of the state, and now, the parasites are in a panic, according to this Bloomberg article.

The decision by billionaire hedge-fund manager David Tepper to quit New Jersey for tax-friendly Florida could complicate estimates of how much tax money the struggling state will collect, the head of the Legislature’s nonpartisan research branch warned lawmakers.

Tepper, 58, registered to vote in Florida in October, listing a Miami Beach condominium as his permanent address, and in December filed a court document declaring that he is now a resident of the state. On Jan. 1, he relocated his Appaloosa Management from New Jersey to Florida, which is free of personal-income and estate taxes.

Just how badly can one man’s departure hurt the collectivist state?

Apparently, since New Jersey has the third highest tax burden in the nation—only surpassed by Connecticut and New York—it hurts enough that New Jersey’s bureaucrats are worried.

His move has state revenue officials on alert.

“We may be facing an unusual degree of income-tax forecast risk,” Frank Haines, budget and finance officer with the Office of Legislative Services told a Senate committee Tuesday in Trenton.

New Jersey relies on personal income taxes for about 40 percent of its revenue, and less than 1 percent of taxpayers contribute about a third of those collections, according to the legislative services office. A one percent forecasting error in the income-tax estimate can mean a $140 million gap, Haines said.

As more and more people and businesses leave New Jersey (more than any other state), one would think that parasitical bureaucrats and those that elect them would learn…but they don’t.

Instead, the collectivists who control New Jersey’s government continue to push to raise taxes even higher.

And, they will continue to do so as more and more hosts leave their parasitic collectivist state.

One day, it is possible—though doubtful—the collectivists who control New Jersey (and states like it) will realize they no longer have enough hosts to feed their parasitic system.

At that time, they will either have to change their socio-economic policies or, if they do not, they will be forced into “austerity.”

In either case, the hosts the parasites fed on for so many years will likely be long gone and no longer care.

Who Is John Galt1

Hat tip: Andrew Wilkow.

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