But in recent decades, as New York cleaned up its act, the Garden State experimented with ever higher taxes on income, property and consumption.
Finance gushed into property and consumption rather than productive investment.
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Over and above this we get to the second point which is that on pure efficiency grounds we would rather tax property and consumption, possibly even incomes, rather than capital returns.
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The deadweight cost of capital taxation is higher than that of consumption, property or income taxation.
The future will be richer the less we place the tax burden upon capital and the more we place it on consumption and property.
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It wants ever more taxes on income, consumption, property and wealth.
We lose more future economic activity by collecting taxes this way than we do by taxing consumption or immovable property.
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Of those studies that distinguish between types of taxes, corporate income taxes are found to be most harmful, followed by personal income taxes, consumption taxes and property taxes.
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For low long-term interest rates, by holding up the bubbly property market, are underpinning American consumption and growth.
Moreover, relying on housing wealth to fuel consumption might create a property bubble.
"We believe that the government will react to this weaker-than-expected GDP growth rate by introducing more policy measures to boost lending, speed up project starts, encourage consumption, and support property sales, " Jun Ma, Deutsche Bank greater China chief economist said.
These days, nothing exports, consumption, industrial orders, property prices is headed in the right direction.
Income taxes have lower, consumption taxes lower again and property taxes the lowest.
The recent rebound in house sales is, in fact, exactly what the government is aiming for, since it is using property as a way to spur private consumption.
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In 1959, four scientists from the Stanford Research Institute bought the property and made wine, initially for their own consumption, from the surviving vineyards.
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Also there was no private property, no leather products, no harming of animals and no consumption of meat.
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Hence, a large current-account deficit that fuels consumption (as in Mexico in the early 1990s) or a property-price bubble (as in Thailand until last year) may be a problem.
Were house prices actually to fall across the board, it seems safe to assume that, at the very least, consumption that was paid for by borrowing on the back of rising property values would evaporate.
And households themselves are now borrowing on an unprecedented scale for consumption, to be sure, but also for investment, through purchases of residential property.
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