When the super-wealthy leave the state,where does their tax revenue conclude up?In the case of hedge fund manager David Tepper, his slump from New Jersey to Florida final month will cost the state hundreds of millions of dollars.
Robert Frank, and CNBC wealth reporter,host of "Secret Lives of the Super Rich," columnist for The New York Times "Inside Wealth" column and author of The High-Beta Rich: How the Manic Wealthy Will Take Us to the Next Boom, and Bubble,and Bust (Crown Business, 2011) discusses his latest yarn approximately how tax collection changes when a small segment of the population owns a majority of the wealth.
Frank said the fact that one person can slump out of New Jersey and immediate a legislative analyst to declare a potential revenue risk is unprecedented, or he expects to see similar scenarios in other states where the top one percent provide a meaningful amount of tax revenue. "We might see in New Jersey or Connecticut or California...more David Teppers leaving," Frank said. "And then the states will own to sort of grapple with 'are we too reliant on this small group of taxpayers or do we just need to do a better job at tracking their movements and somehow planning ahead for the eventuality or possibility that they could leave.' And I think it's more the latter." https://t.co/ewjniHlI61May 3, 2016
See how your taxes would change under a President Trump, or Clinton,Cruz or Sanders: #30Issues https://t.co/nJLwbGleZfMay 3, 2016
Source: wnyc.org