--- title: Why New Jersey Is in Trouble if One Man Moves to Florida description: When hedge fund billionaire David Tepper moves from New Jersey to Florida, the Garden State's budget will suffer. authors: - name: Martha C. White role: Writer url: https://money.com/author/martha-c-white/ education: BA, English, Princeton University at_money_since: 2015 articles: 350 covers: - Taxes - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Federal Reserve Rate Cuts - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Retirement - Shopping - Technology published: '2016-04-06T15:29:15.000Z' modified: '2024-05-16T11:04:25.000Z' section: Taxes tags: - hedge funds - income tax - New Jersey - pubdesk - Taxes word_count: 262 canonical: https://money.com/new-jersey-state-taxes-david-tepper/ type: Article source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![160406_EM_NJTrouble](https://img.money.com/2016/04/160406_em_njtrouble.jpg) *David Tepper* New Jersey has a budget problem — and it's all David Tepper's fault. No, Tepper isn't a bureaucrat who botched the budget math. He's just a guy — but he's a guy with so much money, an impending move to Florida could literally blow a hole in the Garden State's budget. Tepper is a former Goldman Sachs executive and hedge fund manager who has called New Jersey home for decades, a period during which he has earned billions — and paid taxes in the state on those billions. According to [Bloomberg](http://www.bloomberg.com/news/articles/2016-04-05/tepper-s-move-may-affect-new-jersey-budget-forecaster-warns), Tepper has registered to vote in Florida and shifted his hedge fund firm, Appaloosa Management, to the Sunshine State, and his planned move southward is going to put Jersey in a pinch. Bloomberg explained that New Jersey depends on personal income taxes for about 40% of its budget, and fewer than 1% of residents contribute about one-third of that total. Florida, on the other hand, doesn't levy a personal income tax. (High property taxes in New Jersey are also often cited as a prime reason for residents to flee to other states.) ***Read next:* What to Do When You Can’t Pay Your Taxes** Tepper is estimated to be worth $10.6 billion, which would make him the richest person in the New Jersey. (Bruce Springsteen's [fortune](http://www.njbiz.com/article/20150707/NJBIZ01/150629847/njbiz-presents-the-50-wealthiest-new-jerseyans) is a comparatively paltry $300 million.) This means Tepper's desire to spend more time on the beach — he registered to vote using a Miami Beach address — to perhaps spend less money on personal income taxes is making waves for his soon-to-be former home state. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/new-jersey-state-taxes-david-tepper/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Taxes", "item": "https://money.com/taxes/" }, { "@type": "ListItem", "position": 3, "name": "Tax Breaks", "item": "https://money.com/tax-breaks/" }, { "@type": "ListItem", "position": 4, "name": "Why New Jersey Is in Trouble if One Man Moves to Florida" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/new-jersey-state-taxes-david-tepper/#webpage", "url": "https://money.com/new-jersey-state-taxes-david-tepper/", "name": "Why New Jersey Is in Trouble if One Man Moves to Florida", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2016-04-06T15:29:15.000Z", "mainEntity": { "@id": "https://money.com/new-jersey-state-taxes-david-tepper/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/new-jersey-state-taxes-david-tepper/#breadcrumb" }, "dateModified": "2024-05-16T11:04:25.000Z" }, { "@type": "Article", "headline": "Why New Jersey Is in Trouble if One Man Moves to Florida", "articleSection": "Taxes", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2016/04/160406_em_njtrouble.jpg", "width": 2100, "height": 1400, "caption": "160406_EM_NJTrouble" } ], "author": [ { "@type": "Person", "name": "Martha C. 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