Seems that former NY Gubernatorial candidate Tom Golisano is “as mad as hell” and he’s not going to take it anymore. The self-made billionaire and founder of Paychex is moving to Florida from New York to escape the punitive tax system there.
The rich and high-wage earners have been domiciled in tax-friendly domains for ages. And if things get to the point where they deem it too expensive, they move like Golisano did.
It’s not quite so simple to say that these people are tax-dodges either. That’s how’s the media presents it. But it’s more likely that people with high-incomes look at taxes as an investment into the social welfare structure of where they live. If to them it doesn’t equate, they decide to cut their losses and move. For them, paying taxes is not a charitable deduction.
Some domestic hedge fund managers domicile their funds legitimately in offshore locales b/c they have international clientele and/or US tax-exempt entities as clients as well. These are bona fide purposes to have offshore entities. How did Soros make a good chunk of his billions? You guessed it: Quantum Fund was domiciled in the Netherlands Antilles – an offshore banking haven.
Some very successful traders in the United States employ this tactic to lessen their tax burden. Below is a short list of some well-known traders and the states they live – states with zero state tax liabilities.
Bill Dunn – Dunn Capital – Florida
John Henry – John W. Henry & Co. – Florida
Linda Bradford Raschke – LBR Group – Florida
Ed Seykota – independent – Nevada
Victor Sperandeo – AFT, LLC – Texas
Michael Marcus – independent – Texas
Boone Pickens – BP Capital Management – Texas
Salem Abraham – ATC – Texas