Billionaire's Move Puts New Jersey Tax Rates In Spotlight

TRENTON, N.J. (AP) — The departure of one New Jersey resident to tax-friendlier Florida has gotten so much attention that lawmakers are calling for changing the state's tax structure and a key legislative forecaster is raising concerns over revenue uncertainty.

The spotlight shifted to billionaire hedge fund manager David Tepper this week when a key forecaster cited his move to Florida as a potential factor on how much income tax revenue the state brings in.

Income tax revenues make up the biggest share of cash into state coffers, and legislative forecaster Frank Haines says the move is worth noticing, since small swings in revenue forecasts could translate to millions in revenue.

Tepper's departure has sparked calls from lawmakers for tax reform.

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