CENTRAL JERSEY — Fanklin resident Jim Morano and his wife recently acquired a home in South Carolina after his wife's sister and mother passed away.The couple plans on keeping the home as a winter getaway, but they're also wondering whether it should be their permanent residence because of New Jersey's income-tax rates, among the highest in the nation. Both own small businesses.
“We're kind of scratching our head,” said Morano, who has a Ph.D. in food science and a master's degree in business administration. “If you already own a residence outside of New Jersey, at some point in time, the differential is going to pay you to leave.”
Affordability issues facing businesses and residents in New Jersey will be the focus of an Oct. 2 forum at Raritan Valley Community College sponsored by the Somerset County Business Partnership along with the Courier News and MyCentralJersey.com. Sponsors also include the college, Allstate Insurance and Affinity Federal Credit Union.Republican gubernatorial candidate Chris Christie and Independent candidate Chris Daggett both are expected to attend. Gov. Jon Corzine also has been invited.
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