David Tepper's Relocation Could Dent New Jersey's Budget

One man's move to another state could cause the state government to rethink its budget. Of course this is not some ordinary man; it is New Jersey's richest man: David Tepper. The founder of Appaloosa Management is currently worth $10.6 billion, according to Bloomberg, or $11.4 billion, according to Forbes' estimates.

David Tepper's relocation and a $140 million budget gap

According to a Senate Committee briefing in Trenton, N.J., the state could face an unusual degree of income tax forecast risk with this relocation. Frank Haines, an official with the Office of Legislative Services, told the Committee that nearly 40% of New Jersey's revenue comes from personal income taxes. A third of this income tax money is paid by less than 1%...