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New Jersey lost more than 2 million residents and $18 billion in adjusted gross income over 10 years, according to a new report.

TRENTON -- More than two million people left New Jersey between 2005 and 2014, taking billions of dollars in income and economic activity with them, according to a state business group that blames high taxes for the exodus.

The Business and Industry Association's new report said so-called outmigration over a 10-year span cost the state $18 billion in net adjusted gross income, 75,000 jobs, $11.4 billion in economic activity, $4.2 billion in labor income and $8.4 billion in household spending.

"This outmigration of New Jersey residents has had a substantial and continuing negative impact on the state's economy," the report said. "When New Jerseyans leave the state they not only take their income with them, but they take income taxes, sales taxes, property taxes and purchasing power with them as well."

New Jerseyans most often move to Pennsylvania, New York, Florida, California and North Carolina, though Pennsylvania is traditionally the most popular destination.

"These individuals are relocating to states that offer a more favorable tax structure than New Jersey in order to avoid paying certain rates for taxes -- or in some cases, paying taxes at all," the report said.

While outmigration conjures images of seniors packing up and heading to warmer climates, NJBIA said the loss of millennials is an equally alarming trend.

"With an average monthly housing cost of $1,530, a per capita state and local tax burden of $6,675, average energy expenditure per person of $4,404 and an average car insurance premium cost of $1,595, one can see why our young residents who are entering the workforce at the entry level of the wage scale will find it challenging to afford living in New Jersey," NJBIA said.

The group is urging lawmakers to reform the state's estate and inheritance taxes and tax on pension income to stem the outflow of seniors.

A liberal Trenton think tank quickly countered the group's report, noting that the exodus of money and people is a small percentage of the income generated in New Jersey and its population.

In addition, while 2.09 million people left New Jersey, according to the study, 1.4 million moved in from elsewhere in the U.S. and nearly 600,000 from abroad.

"It's worth noting that even if you take these income migration numbers at face value, there is not a shred of credible evidence pointing to estate taxes or income taxes as the reason these people take their income elsewhere -- there's only myth and anecdote," said Jon Whiten, deputy director of the liberal Trenton think tank, New Jersey Policy Perspective.

Lawmakers from both parties have called for the state to eliminate or phase out the estate tax, and Senate Democrats are pushing a plan to raise the tax exemption for retirement income.

Samantha Marcus may be reached at smarcus@njadvancemedia.com. Follow her on Twitter @samanthamarcus. Find NJ.com Politics on Facebook.