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Re: New Jersey-New York area lost 5,700 millionaires in 2018
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The top 1% of NJ taxpayers pay 43% of NJ income taxes.

Posted on: 2019/1/22 21:40
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Re: New Jersey-New York area lost 5,700 millionaires in 2018
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bodhipooh wrote:
Not at all surprising. They better have good record-keeping, though! NYC (and NYS) are notoriously aggressive in pursuing millionaires who meet (or, exceed) the 183-days threshold that triggers residency. If memory serves me right, some CT billionaire ended up getting dinged (but later prevailed in appeal) when his private jet landed in LGA late at night on a Sunday, instead of past midnight on a Sunday, pushing him over the limit.

That one day difference could have resulted in him having to pay several millions more in taxes to NYC/NYS. It is no wonder so many ultra wealthy people are fleeing the area, especially now.


Funny!


Posted on: 2019/1/22 18:07
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Re: New Jersey-New York area lost 5,700 millionaires in 2018
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Not at all surprising. They better have good record-keeping, though! NYC (and NYS) are notoriously aggressive in pursuing millionaires who meet (or, exceed) the 183-days threshold that triggers residency. If memory serves me right, some CT billionaire ended up getting dinged (but later prevailed in appeal) when his private jet landed in LGA late at night on a Sunday, instead of past midnight on a Sunday, pushing him over the limit.

That one day difference could have resulted in him having to pay several millions more in taxes to NYC/NYS. It is no wonder so many ultra wealthy people are fleeing the area, especially now.

Posted on: 2019/1/22 16:24
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New Jersey-New York area lost 5,700 millionaires in 2018
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New Jersey-New York area lost 5,700 millionaires in 2018

, North Jersey Record Published 3:08 p.m. ET Jan.

The New Jersey area lost thousands of millionaires in 2018, even as their ranks grew worldwide. 

A tumultuous year for global stock markets and federal and state tax changes are responsible, experts say.

The New Jersey-New York population center that encompasses New York City, Jersey City and Newark last year lost more than 5,700 of its high-net-worth individuals with liquid assets of $1 million to $30 million, according to a new report from research firm Wealth-X.

Debra Taylor of Taylor Financial Group in Franklin Lakes said she has been advising many of her wealthy New Jersey clients to set up residency in other states. The loss of unlimited state and local tax deductions for the 2018 federal tax year is drastically elevating the metro area's already high cost of living for some, she said.

https://www.northjersey.com/story/news ... ionaires-2018/2605414002/


Posted on: 2019/1/22 13:50
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