Fleeing the Tax Man
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Fleeing the Tax Man
By Karen Hube
As firmer CEO of South African Airways and co-founder of Bain Capital, Coleman Andrews has spent his career in some of the world’s biggest financial hubs. So, considering that he isn’t planning to retire soon, his current home state — Wyoming — might seem to be an unlikely choice. Why is he there? “Economics,” Coleman says. “A zero percent tax rate is better than a 10% tax rate.”
As taxes surge in states such as California, New York and New Jersey, more and more wealthy folks like Andrews are pulling up stakes. They’re moving from high-tax states by the hundreds of thousands each year, and laying down roots in lower-tax locales like Wyoming, Tennessee, New Hampshire and Texas.
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