from Zero Hedge
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.”