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 a laudatory 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.
Sanford is spending his senior years giving away billions of dollars to what he deems worthy recipients and causes. I suspect he’s thoroughly enjoying this process. But he does NOT deem state governments worthy of his largess. He’s got far more efficient disbursements in mind to the nonprofit sector.
San Diego has benefited from some MAJOR philanthropy grants from Dennis Sanford. We are fortunate that he seems to enjoy visiting here from time to time.
But one thing I think we can be sure of — Sanford will NEVER become an official resident of the rapacious “Golden State.” In this day and age, rare indeed will be the rich person who moves TO our state with its 13.3% state income tax — and the 2nd highest (combined) capital gains tax in the WORLD.
Denny Sanford figures he’s got better uses for his money. And he’s right!