Billionaire Tom Golisano hates taxes—really, really, really hates them—and he’s willing to take extreme measures to avoid paying them
om Golisano hates taxes – really, really, really hates them — and he’s willing to take extreme measures to avoid paying them.
Most people would have stopped after ringing up their lawn service, but Golisano, who sports brilliant white hair and a net worth of $4 billion, decided the real problem was he was paying too much in taxes. Known for building Rochester-based payroll processor Paychex and running for New York State governor three times, Golisano attempted to leverage his feathered visitors into a lower tax bill.
“He’s looking at different angles to reduce his tax bill,” says a member of the local school board where Golisano owns his lake house. The official, who asked to remain anonymous, says Golisano also tried to redistrict homes on Canandaigua Lake in order to avoid paying school taxes in the 1990s.Richard Levine / Newscom
On $1.2 billion of income over nearly two decades, Golisano claims he’s paid $211 million in taxes and donated $255 million to charity over almost two decades. Three children’s hospitals, two in New York and one in Florida, bear his name and he’s also been generous to the Special Olympics. Golisano’s idea of a “fair” tax rate would be if “everyone pays the same.” When asked why taxes are such an issue for him, he says: “I’d rather spend my money the way I want to spend it, and not give it to the government to spend for me.”
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