From the NY Post:Startling new data from Uncle Sam show that defections by Americans are expected to double this year, largely to avoid any stiff tax bills resulting from the proposed 55 percent hike on the rich — as well as the likely expiration on Dec. 31 of the Bush era tax cuts.
As many as 8,000 US citizens are projected by immigration officials to renounce in 2012, or about 154 a week, versus 3,805 in 2011, or about 73 per week.
“High-net-worth individuals are making decisions that having a US passport just isn’t worth the cost anymore,” said Jim Duggan, a lawyer at Duggan Bertsch, which specializes in protecting assets of the wealthy.
“They’re able to do what they do from any place in the world, and they’re choosing to do it from places with much lower tax rates,” he said.
“Some are philosophically disgusted at the course our country is taking in all kinds of ways. They’re making a strong protest of, ‘Enough is enough,’ ” said Duggan. “But largely it’s an economic decision.”
22 comments:
If this is true, which anything form the Post needs to be taken with a grain of salt, it's amazing that people whose largess was gained from being in the US in the first place would leave. I think they should be treated as any traitor and barred from returning or doing business with United States entities every again.
It's been reported for at least 2 years in the mainstream media. Perhaps if you hadn't been brainwashed by them into questioning facts reported by news outlets you don't like, this wouldn't have come as a surprise. US News and World Report had a lengthy piece on it last year.
They could move to China but if they're young and are having children remember, there is a steep fine on second babies or the government kills them (the babies)...
There's no place like home (USA).
My guess is that some years it's up, some years it's down. But it's not a trend and the Post is just looking for something to use to bash the president and the possiblity of a tax increase on the 1%.
The report was based on numbers released by the IRS, but who believes the govt? Anyway, this is the flaw with basing a tax collection system on soaking the rich. When they aren't around anymore, the rest of the economy collapses.
funny how all the rich foreigners are moving here with money for real estate whose development displaces Americans.
Good riddance to people who don't want to pay their fair share of taxes. Fuck em. They aren't really job creators, that is just some bullshit based on a poor understanding of economics. The real driver of jobs and growth are the middle class and consumer spending. Let the leeches leave.
Hey, if I had the money, I'd leave too. Once the rich are gone, the burden of all the taxes not being paid by them will fall on the poor and middle class. Maybe everyone should pay a little. If this mass exodus continues, that's what will happen. Instead of hiking taxes all the time, why doesn't the government address the waste and inefficency? So many people receive benefits that aren't entitled. Congress gets everything for free, inluding a life time pension after one term in office. Free gym sessions and haircuts. Why don't we cut aid to the foreign countries that hate us? Charity begins at home and if the government doesn't wise up, Americans will vote with their feet.
This article neglects how many rich foreigners arrive.
I mean, the economy is failing. This is a fact. Everyone should probably attempt to leave.
America! Love it or leave it!
So let me get this straight, you can make millions or billions of dollars using taxpayers investments in our nation's education, infrastructure and security but then you leave because your taxes might go up 3 percent!
Ban them from ever obtaining visas to come back!
One of the countries named as one people are fleeing to is Norway, which has FAR higher taxes than the US. The same is probably true for Austrailia. Both these countries have excellent civil services like universal healthcare.
On the other hand, in places like Costa Rica, due to the low taxes regular people have very few civil services and the rich live like the rich did in the middle ages, in walled compounds and in fear for their lives.
I have long been thinking that as the middle class in the US continues to disintegrate and we turn into Mexico, the rich will flee to those countries like Norway whose stable middle classes allow for a peaceful, safe quality of life where you can get in a car and drive to the store to buy a carton of milk without fear of getting carjacked.
Instead of hiking taxes all the time, why doesn't the government address the waste and inefficency? So many people receive benefits that aren't entitled.
Are you kidding me? telling the gov't to address "waste and inefficency". The govt are the master of inefficiency to begin with.
":enough is enough" has been executed by the TEA PARTY PATRIOTS prior to the 2010 elections.although our slogan is TAX ENOUGH ALREADY, and we are remaining in our nation to vote into federal office representatives who will execute our agenda.
"Fair Share" is a slogan designed by the class warfare Progressives to divide the population.
about 50% of the citizens do not pay income tax????
a small percent of the very wealthy pay the highest amount of income tax. over taxing the wealthy can not reduce our nations debt of $16 trillion in a significant way. only cutting spending and waste by government, and a unemployment rate of 3-4% ,will solve our economic downward spiral.
the" Hollywood Left"very wealthy J.Depp/G.Clooney have lived in Europe for many years to beat the U.S.tax laws.
when out of control government czars sidestep the U.S. Constitution , just who are the TRAITORS ? it may not be the high earning,profit seeking capitalist FORMER citizens ?
#12....you and the nypost hilighted Norway as a desirable location to run to.for PEACE and SAFETY.
the national health care is paid for by extremely high taxes and shared with the large immigrant families from the Third World.
a small pizza and glass of beer costs $50.00.gasoline ,$7 gal. and beer and liquor/cigarettes are extremely costly. Norway is the richest oil nation in Europe, but the citizens get none of it as a tax reduction. investment firms like Black Rock manage the oil revenue for the socialist government
after WWl, the socialists dis-armed the nation. when Hitler was about to invade in 1939, Norway's Quisling (TRAITOR) collaborated and the nazi's walked in without a norwegian defense. they had no weapons to fight with. my in- laws were occupied for five years,1940-45 until the United Kingdom and Allied Forces freed them. Quisling was hung by norwegian patriots.
the socialists have disarmed the nation again. and if you have read norwegian news recently you can
guess how safe the citizens really are.
Obama is doin' a hell of a job.....
Good riddance!
This is a standard formula story in Murdoch's papers in London, too, but of course it is about Brits leaving the UK. Articles like this appear like the seasons on his titles there.
We'll miss you! Anyway your money is already squirreled away in overseas accounts and you dont pay taxes, so adios.
I hope they don't mind my foot in their ass on the way out. They stole the money, now you dummies want to kiss their butts to keep them here? They should be locked up and their money confiscated. They want to leave? Go for it, they can do it with the clothes on their backs. Let them try to get rich in some other country.
#20 do you have proof that any one wanting to leave the U.S., to protect their earnings and profits under capitalism, have stolen their assets ?
they might foresee our nation's future under possible totalitarianism ,as in past world history,and are protecting their families.
before out of control government steals their assets?
you left out "HEIL HITLER" from your comment.
Anon No. 21:
You've said it already.
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