Last week we reported to you about a Boston College study which showed that New Jersey had lost $70B in wealth over the past 4 years.

Today, Sen. Joe Kyrillos (R-13) issued the following statement on the report:

TO: All concerned taxpayers

Re: Exposing the HOAX of Senate Bill One

Reference: The truth about Senate Bill One (1), hereafter referred to as S1. This bill falsely represents itself to abolish the radical Council on Affordable Housing a.k.a COAH.

The following excerpts from S1 debunk the claim that this legislation “abolishes” COAH. S1 actually creates a super bureaucracy that concentrates even more power and money with the State Planning Commission, hereafter referred to as the “Commission”.

Those famous lyrics from Billy Joel's classic, Movin' Out, couldn't be ringing any more true for New Jerseyans these days.

A story in Investor's Business Daily The New Jersey Exit, lays out the gory details. New Jersey's suppressive tax climate is simply pushing our best and brightest out the door - to the tune of $70 BILLION in lost wealth over the past 4 years.

During the 2008 campaign and even during his recent State of the Union, President Obama continued to beat the drum that he was cutting taxes for middle and lower income families. The reality, though, is Obamacare will mean a far higher tax burden for these Americans, causing some to pony up as much as 41% of their income.

A Wall Street Journal piece by Douglas Holtz-Eakin and Alex Brill explains how Obamcare will spike "Effective Marginal Tax Rates" (EMTRs), limiting the ability of lower and middle income families to achieve the "American Dream."

The State of New Jersey Planning Commission bureaucrats must be highly intelligent beings. They expect local elected officials to match their incredible intellects by formulating “economic development” plans that no society has ever successfully managed to devise. Cuba, Venezuela and some remaining Soviet bloc nations are still trying, but this high level economic planning as outlined in the statement taken directly from Raymond Lesniak’s bill (shown below), has not succeeded.