On May 17, COTTonLINE wrote about the negative impact state income taxes have on state economic development. Here is a New York Post article by Tom Golisano, CEO of PAYCHEX, saying he is moving from New York (a high state income tax state) to Florida (a zero state income tax state) and that this will save him $5 million a year in state income tax.
When the CEO moves to Florida there is a great chance that the corporate headquarters will move there too. Imagine all of the jobs going out of state that move represents. Taxes matter.
