Several years ago, he recalled, one of his clients stood to make $60 million from stock options in a company that was being acquired by another. Before he cashed out, however, the client put his home up for sale, moved to Las Vegas, and “never stepped foot back in New Jersey again,” Hydock said.The above quotation is from an article at nj.com, looking at studies showing that the high tax rates in New Jersey are encouraging wealthy people and people with high incomes to move.
“He avoided paying about $6 million in taxes,” he said. “He passed away two years later and also saved a huge estate tax, so he probably saved $7 million.”
Wednesday, February 17, 2010
Taxes in New Jersey
People respond to incentives: