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by
Tyler Durden (ZeroHedge)
Yesterday’s news that New Jersey may be headed for fiscal peril now that the state’s wealthiest resident, hedge fund billionaire David Tepper is headed for warmer (and more tax receptive climes), caught many by surprise. Not his departure that is, but just how much of New Jersey’s tax revenue was contingent on just this one person. As Bloomberg reported, “New Jersey relies on personal income taxes for about 40% of its revenue, and less than 1% of taxpayers contribute about a third of those collections. A one percent forecasting error in the income-tax estimate can mean a $140 million gap.”
This means that a potential billionaire exodus from states such as CT and NJ (or any other), is emerging as one of the bigger fiscal threats to state budgets.
So which states are most at risk? For the answer we used the latest Forbes data listing the states with the most billionaires. According to the magazine, there are “540 billionaires in the United States, with a combined net worth of $2.399 trillion. That’s more billionaires and more combined net worth than any other nation in the world.“
This is where they live across the U.S.:
Tyler Durden is the alias of several bloggers from the financial website Zero Hedge
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