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New York billionaire Thomas Golisano announced today his reasons for leaving the state, but said he will still keep an interest in New York politics.
Golisano, who currently spends three to four months out of the year in Florida, said he will become a legal resident of the sunshine state due to excessive taxes placed on the rich in New York. Golisano, who ran for governor twice, said he will have to pay $13,800 a day in taxes if he stays in New York, roughly $5 million a 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 percent to 8.97 percent.
New York billionaire Thomas Golisano announced today his reasons for leaving the state, but said he will still keep an interest in New York politics.
Golisano, who currently spends three to four months out of the year in Florida, said he will become a legal resident of the sunshine state due to excessive taxes placed on the rich in New York. Golisano, who ran for governor twice, said he will have to pay $13,800 a day in taxes if he stays in New York, roughly $5 million a year.
Boo hoo.. LOL .. really.. if he is paying 5millin in taxes.. he's making that a million times over.
Maybe if all the rich people leave NY the housing prices will actually come down to what the AVERAGE American can actually afford.
for a long time NY has been pushing out the middle class because housing has reached far beyond the middle income families ability to afford.
i'm not really worried about NY .. where one billionare leaves, another takes it's place.
The very first response, boo hoo hoo.. You do understand that this will be $13,000 a DAY that can not be spent to help the poor, dont you?
Anyone who is taxed $13,000 a day makes so much money that really.. it makes no difference. He makes more than he could every possibly use in his entire lifetime and it keeps growing. I have very little sympathy. And that $13,000 is not guarantted to go to the poor if it wasn't collected for taxes
I just can't have much sympathy for that person. that is , of course, a lot of money. . but everything is relative.
Anyone who is taxed $13,000 a day makes so much money that really.. it makes no difference. He makes more than he could every possibly use in his entire lifetime and it keeps growing. I have very little sympathy. And that $13,000 is not guarantted to go to the poor if it wasn't collected for taxes
I just can't have much sympathy for that person. that is , of course, a lot of money. . but everything is relative.
I think this is a really short-sighted view... there comes a time when the level of taxes will become so high that the individual is incented to move... now, clearly, the 3% rise in the Obama budget to Clinton levels is nowhere near that breaking point but NYS is something else entirely. The tax burden in that state is incredible and the only reason taxes have to go up so much is that the state government is run by a bunch of morons and has been since the 80's...
I think that after they've paid their taxes, millionaires are still millionaires.
And whining is undignified.
You are missing the point by a large margin.
Raising taxes on the rich sends em packin' for lower tax states therefore the state actually loses money as a result. That is what is called ironic.
When Massachusetts implements taxes, the citizens simply slip over the border into New Hampshire and purchase their goods there. So not only do they not get the money from the tax increase but they lose the money they were getting before.
I think this is a really short-sighted view... there comes a time when the level of taxes will become so high that the individual is incented to move... now, clearly, the 3% rise in the Obama budget to Clinton levels is nowhere near that breaking point but NYS is something else entirely.
Taxes are being raised by two points. Not what I'd call a "breaking point." I have a feeling this move may be political rather than financial.
Quote:
The tax burden in that state is incredible and the only reason taxes have to go up so much is that the state government is run by a bunch of morons and has been since the 80's...
I'm not quite convinced. Add "ugly" to "morons," and then I'd swallow your argument.
This isn't feudal Europe. We can't allow ourselves to be held hostage by the "lords." Let him go. Good riddance.
Anyone who is taxed $13,000 a day makes so much money that really.. it makes no difference. He makes more than he could every possibly use in his entire lifetime and it keeps growing. I have very little sympathy. And that $13,000 is not guarantted to go to the poor if it wasn't collected for taxes
I just can't have much sympathy for that person. that is , of course, a lot of money. . but everything is relative.
The fact that he has more money than he could ever spend, isnt the point. The point is that if you tax people to the point that it does matter, they simply move. In this case, you claim it doesnt matter, obviously the one paying the taxes disagrees, and after all, its his money, he chooses to keep it. Moving will probably save him $2-$3M a year which will not be going into governments pocket to help those who "depend" upon the government to live. This is another $2-$3M deficit that the NY government needs to make up, and the only way to make this up is to then lower the threashhold on who pays taxes, i.e. raise taxes on the middle class, or cut services that benefit the poor, even better, thats $2-$3M that will go to another states pocketbook..
Tell me what programs you think should be cut to now make up for the $5M a year he will not be giving NY in taxes..
Raising taxes on the rich sends em packin' for lower tax states therefore the state actually loses money as a result. That is what is called ironic.
When Massachusetts implements taxes, the citizens simply slip over the border into New Hampshire and purchase their goods there. So not only do they not get the money from the tax increase but they lose the money they were getting before.
The poor rich!
They have it so hard in America.
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