In light of a recent millionaires tax in New Jersey that increases state taxes by 20 percent for individuals with incomes of $1 million and higher, many believe that high earners have been incentivized to leave the state. While that may be the case for some, for others, it would take more than increased taxes for them to move elsewhere.
Condor Capital Wealth Management’s president, Ken Schapiro, who is also a member of Tiger 21, an investment group with members whose net worths may be tens of millions of dollars, recently had several comments on this.
“It wouldn’t be higher taxes,” he said. “I have too many business ties. I own a tennis club here. I have friends and family here. Look, if they double the taxes, I might do it.”
“The difference between 10.75 percent and 8.75 percent won’t necessarily pay for a second home, but the whole number will for sure,” he also said, referencing the new and old tax rates for millionaires in New Jersey. “But in general, I usually tell people to make decisions based on goals and objectives and worry about the taxes secondary.”
To read the full article of “Why These Millionaires Are Staying Put Despite a New Tax on Them” by Paul Sullivan, please click here.
