...New York turn the lights out.
For those who dismissed Mr. Golisano move as just raising the political rhetoric here is another fine example of exodus caused by New York Democrats tax and spend policies.
And this business owned by a family of 3 is courting 21 employees with them to Florida.
Three-quarters of small-business owners pay taxes through filings as
S-corporations or limited liability partnerships. That means company
profits are taxed as part of their personal income. But the Bells say
the money reported as income doesn’t go to their bank accounts. A large
part goes to federal and state taxes, and then about 40 percent is
driven back into the company to hire more people and buy equipment and
So of the five family members involved in the business,
the state tax rate for two will rise to 8.97 percent from 6.85 percent
because their S-corporation filing lists their incomes at more than
$500,000, and three others will pay more because their incomes exceed
“So there will be less to invest in the business,” Aaron Bell said.
Read the Buffalo News Story: Heavier tax load drives company from state
1 hour ago