Billionaire Leaves New York for the Sunshine State
From the Rochester Democrat and Chronicle:
Rochester-area billionaire Tom Golisano said he’s had enough of New York’s high taxes and is changing his residency to Florida — where he figures he’ll save a stunning $13,800 each day in personal income taxes.
“I can put that money to a lot better use, whether it be charitable contributions or even to try to change the system,” the Paychex Inc. founder and three-time gubernatorial candidate told reporters after delivering a speech Thursday at the Hyatt Regency.
Golisano, 67, owns a home in Naples, Fla., where he already spends three or four months a year, and said he had considered changing his residency for some time. But after the new state budget increased income taxes on the wealthy, “It was a very quick decision.”
Changing his residency to Florida, one of seven states with no personal income tax, will save him at least $5 million a year, he said. Forbes magazine last year listed Golisano’s wealth at $1.7 billion.
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New York has the highest combined local and state taxes in the nation. Golisano said he expects other wealthy New Yorkers to leave.”The state has to develop a spending attitude that will make it competitive with the rest of the country,” he said.
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I suspect that New York is in for another federal bailout soon. Now that we are accustomed to trillion dollar stimulus packages and bailouts, do not be surprised at the amount of money to be spun off to New York, California, Michigan, Illinois, and other states smart enough to latch on to the dominant zeitgeist of populist political revolution erupting out of DC.
The voters are sheep. They will apparently tolerate any degree of kleptocracy from their elected and non-elected leaders.
Thanks for sharing this information. This is of course just one illustration of the law of diminishing returns. The more you tax, the less you get. At the rate the current establishment is going, all of America’s innovators will be living in Asia or Australia in 20 years.