Tepper's Budget-Breaking Move

A story about how one billionaire's move from New Jersey to Florida temporarily impacted the state's entire budget.

"There's the infamous story of David Tepper. He was in New Jersey and was responsible for 3% of the state's budget in the taxes he personally paid. He moved to Florida, and there were all these articles that were like 'The state of New Jersey is going to go broke because David Tepper is moving.'

I think it was for some sort of family medical situation - he moved for a couple years. When he moved back, the way the story goes is that he called up the state treasurer and said 'Yo, you got 120 million coming to you next year, put it into your budget.'

And this is New Jersey - it's not like it's North Dakota. The state of New Jersey was dependent on this guy for a material percentage of their state budget. That's why wealthy people have been moving."