An exodus of wealth from New Jersey could have a significant impact on giving in the state, The Philadelphia Inquirer reports, citing a new study by Boston College’s Center on Wealth and Philanthropy.
The state lost $70-billion in wealth from people moving out from 2004 to 2008, compared to a $98-billion influx the previous five years, according to the survey. The lost wealth cost the state an estimated $2-billion in potential donations.
Business leaders blamed the exodus on a 2004 increase in taxes on New Jersey residents earning more than $400,000 a year.
0 Responses to Study Finds New Jersey Losing Wealth and Potential Giving
peterburgess - February 5, 2010 at 10:24 pm
Bluntly put … the numbers presented do not seem to support the conclusions of the business leaders … there is something else going on … unless I am missing somethingPeter BurgessCommunity Analytics