New Jersey wealth and taxes flee state, $70 billion in recent years

2/4/10: "More than $70 billion in wealth left New Jersey between 2004 and 2008 as affluent residents moved elsewhere, according to a report released Wednesday that marks a swift reversal of fortune for a state once considered the nation’s wealthiest....

• In New Jersey, the top 1 percent of taxpayers pay more than 40 percent of the state’s income tax, he said.

• “That’s probably why we have these massive income shortfalls in the state budget, especially this year,” he said.

Until the tax structure is improved, he said, “we’ll probably see a continuation of the trend, until there are no more high-wealth individuals left.”"...

• from NJ.com, The Star-Ledger, by Leslie Kwoh, via The Save Jersey blog