New Jersey was a good subject for the study, Young said, because it has so many neighboring states with large cities near the state lines, making it possible to move without having to change jobs.
The millionaire tax produces about $1 billion in annual revenue for the state, Young said, while the amount of revenue lost to out-migration of millionaires is $16 million.
The new study comes just days after an economist working in the administration of Gov. Chris Christie (R) reported that the tax was responsible for the loss of 20,000 taxpayers and $2.5 billion in income. The report did not address whether the new revenue from the tax offset those losses.
More here. Turns out I blogged about this before (but not the Chris Christie study).