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

[Texacon]

What was predicted would happen .... starts to happen and the DUmmies are NOT amused

Muttocracy  Donating Member  (1000+ posts) 

Fri May-15-09 02:10 PM

Original message
Rochester billionaire Tom Golisano changes address to Florida to avoid New York taxes
   
: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.

What do these idiots think is going to happen when you raise taxes on those who have the means to leave?  A $5 million a year savings is no small matter.  What do they get indignant about?  Let's see;

RandomThoughts  (1000+ posts)  Journal  Click to send private message to this author  Click to view this author's profile  Click to add this author to your buddy list  Click to add this author to your Ignore list      Fri May-15-09 02:37 PM
Response to Original message
4. he makes an assumption.   Updated at 9:31 AM
   
Edited on Fri May-15-09 02:38 PM by RandomThoughts
"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?

Yes ladies and gentlemen, we knew it would come.  Of COURSE the government knows how to spend money better than I do they are, after all, THE GOVERNMENT!

There is more over there but .... adbot stuck again!

DU AdBot

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KC

[GOBUCKS]

ejpoeta  (1000+ posts)         Fri May-15-09 03:01 PM
Response to Reply #6
7. imagine living here and NOT being able to move.
 ..... 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. 

DUmmy logic. Many,  many business owners have already taken the DUmmy's suggestion, and many more will do so in the future. Upstate New York is a beautiful place, but it is utterly ruined as a place to live by political domination from the NYC cesspool. Very similar to the situations of Illinois and California.

[Texacon]

DUmmy logic. Many,  many business owners have already taken the DUmmy's suggestion, and many more will do so in the future. Upstate New York is a beautiful place, but it is utterly ruined as a place to live by political domination from the NYC cesspool. Very similar to the situations of Illinois and California.

It really escapes me how they can be so stupid.  If you run a business and are being taxed to death with a solution lying just across the state line, what the hell do you THINK the businesses and their owners are going to do?  The reason you are in business is to make money and if a simple move across a state line helps you make money then .... move!

If I was an investor in a business and they could save $5 million a year by moving to another state guess what my vote would be for.

KC

[lars1701c]

RandomThoughts (1000+ posts)        Fri May-15-09 02:37 PM
Response to Original message
4. he makes an assumption. 
 Edited on Fri May-15-09 02:38 PM by RandomThoughts
"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?
 


Its this kind of shit that really pisses me off!!!!!!!!!!!

Who the heck does this bag of douche thinks he is?

[USA4ME]

RandomThoughts

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?

"What is his defense that the money is his?"

If it's not his, what's he doing paying taxes on it?

"And what makes him think he knows best where it can be spent?

Wrong question.  Yours is a question of the slave mentality.  The correct question woud be "And what makes the gov't think it knows best where it can be spent?"

This randomly non-thinking primitive is a communist.

.

[BamaMoose]

RandomThoughts  (1000+ posts)  Journal  Click to send private message to this author  Click to view this author's profile  Click to add this author to your buddy list  Click to add this author to your Ignore list      Fri May-15-09 02:37 PM
Response to Original message
4. he makes an assumption.   Updated at 9:31 AM
   
Edited on Fri May-15-09 02:38 PM by RandomThoughts
"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?

Question #1:  "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?"

Answer:  (from www.paychex.com)  1971 Milestones - Many payroll processors were ignoring a huge potential market — the 98 percent of American businesses with fewer than 100 employees. B. Thomas Golisano took advantage of this opportunity, and with $3,000, one employee, and 40 clients, he founded a new company in Rochester, NY called Paymaster — soon to be Paychex, to provide payroll to small- to-medium sized businesses.

Found a niche market, put up his own money and hard work, built a business from the ground up to a multibillion corporation employing around 12 thound people.  Yea, I think he can defend that is his money.

Question #2"  "And what makes him think he knows best where it can be spent?"

Answer:  (from his bio on www.nhl.com)  Golisano demonstrates ongoing generosity and commitment to the greater Rochester community, home of Paychex corporate headquarters, and other organizations in Upstate and Western New York. In 1985, with an initial gift of $90,000, he launched his first philanthropic endeavor by establishing the B. Thomas Golisano Foundation. Today, with assets of $25 million, the Foundation awards grants to organizations dedicated to providing opportunities for those with developmental disabilities and offering support to their families. Since then, Mr. Golisano's philanthropic contributions have totaled approximately $100 million. Some of these gifts have included:

In September 2007, Golisano donated $10 million to Rochester Institute of Technology (RIT) to create the Golisano Institute for Sustainability. The Institute, one of the first of its kind in the nation, focuses on research and education in sustainable design, pollution prevention, remanufacturing and alternative energy development. Establishment of The Golisano Institute for Sustainability is consistent with Golisano's ongoing support of the William J. Clinton Foundation. Golisano is a sponsor of the Clinton Global Initiative.

In November 2006, Golisano contributed $750,000 to the Veterans Outreach Center of Rochester, NY. The gift will be used to create the Charles P. Golisano Campus in honor of Golisano's brother who was killed in the Korean War. In October 2006, Golisano donated $1.5 million to Mercy Flight Central of Canandaigua, NY, helping to kickoff the drive to purchase a new Mercy Flight helicopter. In March 2006, he made an unprecedented $6 million gift to Our Lady of Mercy High School and Bishop Kearney High School. The gift represented the largest donation ever received from an individual or family by either private school located in Rochester.

In August 2005, Golisano pledged $100,000 towards the opening of the Lion’s Den room at Women & Children’s Hospital in Buffalo. Only the second of its kind in the country, the room is designed as a place for children to find relief from the stress of having a serious illness or injury while they are in the hospital. Golisano and former Sabres captain Pat LaFontaine were significant donors to the $300,000 project, with some of the money coming from the 2004 Companions in Courage celebrity hockey game held at HSBC Arena.

In November 2005, Golisano donated $6 million to the Central New York Children’s Hospital at University Hospital, the largest gift ever from an individual donor in SUNY Upstate history. In January 2004, Golisano contributed $2 million to WXXI Public Broadcasting in Rochester.  The gift will help WXXI meet the federal mandate to begin digital broadcasting.

Donations to schools, the handicapped, children, medicine, sustainable energy, public television, etc.  Yes, terrible choices there.  But the DUmmie did touch upon an unfortunate truth.  Golisano is a bit of a political renegade.  He was a Republican and contributed substantial funds to a multitude of Republican candidates.  He ran for NY Governor a few times as an Independent. And he gave $1 million to the Democratic National Convention this past year.  In short, he supports who he thinks is the best person for the job.  Regardless of what you think about who he supports, he stands behind his beliefs which is admirable.  But, since he supported Obama, it might be worth looking into controlling how he can spend his money, since he obviously has made a few very bad choices.