Kudos to billionaire T. Denny Sanford! This successful South Dakota businessman has decided to give most of his wealth away BEFORE he dies — to causes he favors. While many wealthy people end up donating most of their wealth to charities, Sanford’s “give it all now” philosophy is far less common.
But in alaudatory U-T interview, there’s one fact mentioned in passing that bears note. In the interview, Sanford says “I live about six months a year in the Scottsdale area.” Actually, a more accurate statement would likely be “I live LESS than 6 months a year in Scottsdale.”
The reason? His business is in South Dakota, employing thousands of people. He still resides in South Dakota FOR INCOME TAX PURPOSES. While Arizona has only a 4.54% top state income tax bracket (about 10th lowest in the nation), South Dakota has NO state individual or corporate income tax. ZERO.… Read More