Tom Golisano is a businessman from New York who started and operates Paychex. He also owns the Buffalo Sabres hockey team. According to the May 16 New York Post, Golisano owns 38 companies.
In addition, Golisano ran for governor of New York three times. In those independent campaigns, he generally railed against corrupt business-as-usual politics in the state, but failed to offer a clear, coherent, substantive alternative governing philosophy.
But now he is being quite clear. According to the Post and other reports, Golisano is leaving New York due to the recent increase in the state’s income tax on upper income earners. That tax hike would cost Golisano an estimated $1 million more in taxes a year – from $3.6 million to $4.7 million.
Of course, Golisano is not the only one who has fled New York’s high taxes, but he gets attention given his business and political backgrounds. In reality, one of New York’s biggest exports to other states is people.
Golisano is going to spend more time in his Naples, Florida, home. Florida, of course, has no personal income tax. By the way, the mayor of Naples, Bill Barnett, said, “Welcome aboard.” Barnett, by the way, came from White Plains, NY, according to the Post.
Raymond J. Keating
Chief Economist
Small Business & Entrepreneurship Council
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