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Billionaire Returns to High-Tax New Jersey to Face $120 Million Tab

  • Family reasons brought hedge fund billionaire back from Miami
  • Move bucks trend of rich heading to states like Florida, Texas
David Tepper
David Tepper Photographer: Jacob Kupferman/Getty Images
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Billionaire David Tepper has returned to New Jersey -- a move that may cost him $120 million in state income taxes this year.

Tepper, 63, moved back to the Garden State in January for family reasons, people familiar with the matter said. Last year, he married a long-time New Jersey resident.