Exhibit A: Tax The Rich, Lose The Rich
BUFFALO NEWS -- Ending any speculation about another possible run for governor, Rochester businessman and Sabres owner B. Thomas Golisano said Thursday he will be moving his legal residence to Florida to escape New York state taxes.
Golisano told a gathering of Rochester business executives that he will remain as owner of the Buffalo hockey team, but he is fleeing the Empire State to avoid paying $13,000 a day in state income taxes (MP: Almost $5 million per year).
The billionaire earlier this year told The Buffalo News that the only thing keeping him in New York was his family. “The only reason I’m staying in this state is I have family here. Economically, it just doesn’t make sense,” he said in February.
But since then, Gov. David A. Paterson and lawmakers approved a state budget that will raise $4 billion in new income taxes this year on wealthier residents. In Golisano’s case —and anyone else making more than $500,000 this year — he is seeing his state tax rate go from 6.85% to 8.97%.
HT: R. Adams