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June 12, 2018

New Jersey has had a net loss of nearly $25 billion in adjusted gross income (AGI) over the past 12 years, according to the New Jersey Business & Industry Association. Tie that to the state’s imminent status as worst in the nation for corporate business tax (CBT) and the fact it’s lagging in the rate of millionaire growth and you’ve got a recipe for a state the NJBIA says is “faltering in key economic areas.”

When it crunched new Internal Revenue Service data for the 2015-2016 tax year, the NJBIA said New Jersey’s net loss in that period for potential AGI was $3.5 billion, exceeding the Garden State’s average annual loss of approximately $2.1 billion over the past 12 years. “The change,” the NJBIA contends, “is driven by taxpayers moving out of state and taking their incomes with them.”

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