One change-of-address form throws this high-tax state into a budget crisis.

In Aesop’s fable of the golden goose, a farmer lucky enough to have a goose that lays one golden egg every day becomes greedy and kills the goose to harvest them all.

He finds the goose empty, and himself penniless.

Some people never learn.  And in this case, it’s New Jersey.

The New York Post reports:

Billionaire David Tepper has moved from New Jersey to Florida, and the loss of his income tax could leave a $140 million hole.

The 58-year-old founder of the hedge fund Appaloosa Management — who Forbes estimates is worth $11.4 billion — registered to vote in Florida in October, listing a Miami Beach condo as his permanent address, and he filed a court document in December declaring himself a resident of the tax-friendly state…

…The move could leave a devastating deficit in New Jersey’s income-tax revenue, Bloomberg News reported…

…“We may be facing an unusual degree of income-tax forecast risk,” Frank Haines, the budget and finance officer at the state Office of Legislative Services, told a Senate committee in Trenton Tuesday.

He added that even just a 1 percent deduction in income-tax revenue could create a $140 million gap in the state’s budget.

Liberals who are pushing to finance their wild spending sprees with sky-high tax rates on a select number of ultra-rich are finding themselves in a trap that’s taken down countless governments and business.

When you get most of your revenue from one source, you live each day counting on that one source.

40% of New Jersey’s revenues come from income taxes.  One-third of that comes from just 1% of taxpayers.

That means 13% of the entire state budget comes from 1% of taxpayers.

Taxpayers like Tepper, who is – or was – New Jersey’s wealthiest resident.

Under New Jersey’s draconian tax laws, Tepper paid $140 million a year in state income taxes.

If New Jersey’s tax rates were half what they are, they’d still get $70 million a year from Tepper, who would likely stay in the state.

Now they get $0.00.

Being a liberal means never having to say you understand economics.