Image having a lot of money. Now imagine having so much money that you have to pay the state you live in $13,800 per day in income tax. This is the case for billionaire Tom Golisano, founder of Paychex and owner of the Buffalo Sabres, who has just announced he will be picking up his puck and making his home in Naples, Florida his permanent residence.
He’ll keep the Sabres, but he won’t be paying NYS taxes anymore.
Saying that he’s not happy about the move, Golisano blames problems in the state’s property tax system, thus affecting education, income taxes, health care and the role of unions. He specifically blames legislators, naming Sheldon Silver and Malcolm Smith for what he says has long been a problem with the NYS tax system. “If it has this effect on me,” Golisano says, “imagine the effect on a lot of New Yorkers and what’s going to happen to our state as long as we keep allowing this to happen year after year.”
Golisano will be saving $5 million per year by claiming himself a full-time resident of Florida. His charitable giving, such as his $10 million gift to Niagara University last year may continue, but the general pot of state money is going to take a sizable hit in his absence.
Image: New York Times