My clients are fleeing New Jersey like it’s on fire,” that’s what a financial consultant to wealthy individuals just told James Freeman of the Wall Street Journal. What is the fire driving them out? It’s the class warfare as expressed in the worst business taxes in America, and a left-wing governor who wants to hike them again. The accelerant is that—under the new Trump tax plan—the rest of us will be doing less of the bailing through the tax code.
My new piece on Townhall Finance shows how New Jersey was already was on shaky grounds in terms of being able to attract enough high earning talent to keep its real estate market intact.
I hate to see these states implode, but that’s how the Founders designed our system of federalism: Each state a laboratory of democracy.
In this lab, some experiments are clearly failing.