Monday, May 18, 2009

New York Taxpayers voting with their feet

May 18, 2009

Ethel C. Fenig

Proving former President Ronald Reagan's (R) adage that taxpayers vote with their feet, Tom Precious of the Buffalo News reports that billionaire  Buffalo Sabres' owner Thomas Golisano will save a reported $13,000 a day by moving from NY to Florida - punishing high income workers in New York state with a huge tax increase:

Gov. David A. Paterson (D) 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.

But the departure of Golisano, perhaps along with others, puts that $4 billion bonus in question. Indeed, if the tax spurs enough higher income residents to flee the state--taking their companies, spending habits and other revenue generators with them--the tax can actually decrease state revenues.


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