Entrepreneur Flees "Tax the Rich" Tax in NY, Flees to State With No Income Tax
Representative Bill Farmer (2008 Rank #10) introduced a bill last session to expand the transactions that are covered by the sales tax, lower the sales tax and eliminate all income taxes in Kentucky. There was no activity on it during the session.
Meanwhile, states without income taxes are gaining entrepreneurs:
BILLIONAIRE GOLISANO FLEES NY OVER TAX
ALBANY -- New York billionaire Tom Golisano is taking his big bucks elsewhere.
Furious over a new "millionaire's tax" that could cost him an extra $1 million this year, the Rochester-area resident and three-time gubernatorial candidate says he's fleeing the state for Florida's Gulf Coast.
Golisano called it a "quick decision" to switch his legal address to his $13 million waterfront mansion in Naples, Fla., after Gov. Paterson and lawmakers agreed to a record-breaking $4 billion income-tax hike last month.
"This budget and this increase in the level of taxation are really going to push a lot more people out of the state," Golisano told a gathering of Rochester business executives Thursday, according to The Buffalo News.
Here's the rest.
