Today's Jack-Ass is the State of New Jersey, whose State Motto is "Liberty and Prosperity".
Apparently David Tepper, the states richest resident isn't feeling so prosperous. Tepper runs the Appaloosa Management Hedge Fund. Yesterday it was reported that he was moving his residence and his fund to Florida. And he isn't going their for the golf or the early bird specials or to die, like most people who move to Florida do.
He is moving there for the taxes. New Jersey's State Income tax is almost 9% while Florida doesn't have one. Over the past recent years, Tepper has reputedly earned over $3 billion...maybe even more. So he will literally be saving hundreds of millions of dollars by making this move. Even though he still has a lot left over, you really cant blame him. That's a lot of money.
This is a perfect example of the negative effects of bad leadership. NJ just kept throwing straws on the rich camels back and it finally broke. Politicians think its politically expedient to keep taxing the rich but this shows why they are wrong. And not only Is Tepper leaving New Jersey. It was reported that his company is too. That means all those jobs and most of the senior people will be going to, leaving New Jersey will tens of millions of dollars less in revenues.