Rochester billionaire Tom Golisano changes address to Florida to avoid New York taxes

[Muttocracy]

:nopity:

Rochester billionaire Tom Golisano changes address to Florida to avoid New York taxes
Golisano cites high taxes as reason for move to Florida

Joseph Spector and Diana Louise Carter • May 15, 2009
Rochester Democrat & 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.

To qualify as a nonresident of New York, even though he will continue to own property and collect income here, Golisano will have to be out of the state at least 184 days a year.

He said the move won't impact his philanthropic efforts in western New York, his ownership of the Buffalo Sabres hockey team or his political activities. He's also still chairman of the board of Paychex, the Penfield-based business services company, though he retired as CEO in 2004.

Golisano said he planned to retain a house in Mendon but would likely sell one on Canandaigua Lake.

Being in Florida several months a year hasn't hampered his commitment to Bishop Kearney High School, said school president Donna M. Dedee. Golisano gave $5 million to the Catholic school and has been directly involved in helping to upgrade it.

"Tom has consistently given with his financial gifts and intellectual capital," Dedee said. "That vision doesn't change."

Dedee noted that Rochester is Golisano's hometown. "He still cares about us and that won't change with geography."

Last year, Golisano started Responsible New York, a political action committee that gave heavily to candidates running for state office.

Golisano has been vocal in calling out state leaders for not curbing spending, and he said Thursday that Gov. David Paterson and legislative leaders are beholden to special interests.

He said Paterson talked tough about holding down spending, but "when push came to shove, he caved" because he approved a budget that increases state spending by nearly 9 percent. The budget also increased income tax rates on New Yorkers who make more than $250,000 a year, with a higher bracket for those making more than $500,000.

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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http://www.democratandchronicle.com/article/20090515/NEWS01/905150342/

[EOTE]

1. That poor, poor man.

Hopefully now he'll be able to sleep well at night knowing he'll be able to keep every single cent of that money he so thoroughly deserves. No doubt he's worked 100,000 times harder than the workers he's employed and should be taxed at their same rate.

[KamaAina]

2. That would be the Tom Golisano who ran for governor of NY State?

as the candidate of the right-leaning "Independence Party", under the slogan, "We need someone with real business experience. Let's hire Tom Golisano!".

Apparently he is the economic version of a chickenhawk. :eyes:

edit: ran three times, not once

[brendan120678]

3. What ever. Good riddance. And by the way, Tom...

the Sabres suck!!

[RandomThoughts]

4. he makes an assumption.

"I can put that money to a lot better use, whether it be charitable contributions or even to try to change the system,"

He assumes that he has the sole right to choose which charity should get what he claims as 'his money'

And since his money was either earned by someone else in his family, or given to him by an economic system. I would be curious to know

What is his defense that the money is his?
What activities did he do to 'earn' it, and showing how the activities are worth the amount he 'earned'?
And what makes him think he knows best where it can be spent?

[Egalitariat]

5. That's pretty hardcore. I can't wait until the economic system gives me money***

nm

[high density]

6. $5 million a year in savings

That is 0.3% of his fortune. What a dick.

[ejpoeta]

7. imagine living here and NOT being able to move.

i do. thanks tom... the rest of us pay friggin taxes... probably more of a percentage of them too. i understand how tough it is... it just keeps getting worse. i have thought of moving, i am not going to lie. though i am no millionaire. i know i am a lot better off than a lot of my family and friends right now... i think it's just as bad as taking your money off shore going to florida to avoid paying the taxes.... why don't you take your damn business there too then.