Are Wealthy Americans Leaving the Country?
I thought I would share my process for gathering viewpoint and facts. Perhaps others would offer to put articles together in the future, but if nothing else, a look into how I brainstorm a publication:
The high-middle and high-earners in America pay for the majority of social programs implemented by Congress.
With states facing nearly $100 billion in combined budget deficits this year, we’re seeing more governors than ever proposing the Barack Obama solution to balancing the budget: Soak the rich.
American Senators and Representatives should be thrilled, but instead disparage them for making the money that those Congressmen desperately need to tax. What happens if they leave?
Perusing democraticUnderground.com, one would find the following comment:
“LEAVE. Take your money and go. America will survive without you… So rather than ruin our country for the other 90% whom you despise. Go away. Take all of your precious money and go elsewhere. Even if it means depression we will be better off in the long run without your manipulation..”
Liberals would love to see anyone with capitalist or free-market ideals leave, but seriously, would they really? Sure, the populist view is to hate the wealthy – go Robin Hood and such.
Last September, Bob Bauman reported that, “Indeed, the growing trend of Americans voluntarily ending their status as U.S. citizens — the only legal way by which they can escape U.S. taxes and government controls — has reached a new peak and shows no signs of abating.” Heck, even the radical left site, DailyKOS.com reported that the Bush family bought thousands of acres in Paraguay. Although Obama doesn’t see what he’s causing, apparently his predecessor and his family did.
How serious are these ex-patriots:
Interestingly, although such a move offshore means departing Americans may have to pay an exit tax that the Democrat Congress and George Bush imposed in 2008, lawyers say this is a price people have become more willing to pay this year, now that recession and decreased asset values has reduced the size of this onerous and unfair tax.
So why do the non-wealthy care? The top 1% of all earners pay 40 percent of all taxes. Examine the recent health care bill that relies heavily on the wealthy to fund the measure. If there are not enough wealthy people, the rest of will be left to foot the bill. A cost the rest cannot afford.
Continuing to hate top-earners for working hard and taking risks is counter-productive. At some point, the government has to realize that not everyone can work for unions for middle-class wages unless the government is willing to tax middle-class wages at much higher rates. It is well-known that our legislative branch would never admit such a truth. Why should they, it would cost them their precious seats.
Wealth Bulletin quotes Jay Krause, a partner at private-client specialist law firm Withers who says he’s seen a rise in those interested in expatriation lately
We also found that over these same years the no-income tax states created 89% more jobs and had 32% faster personal income growth than their high-tax counterparts. -wsj.com
Those who disapprove of tax competition complain that lower state taxes only create a zero-sum competition where states “race to the bottom” and cut services to the poor as taxes fall to zero. They say that tax cutting inevitably means lower quality schools and police protection as lower tax rates mean starvation of public services.
The Live Free or Die State has no income or sales tax, yet it has high-quality schools and excellent public services. Students in New Hampshire public schools achieve the fourth-highest test scores in the nation — even though the state spends about $1,000 a year less per resident on state and local government than the average state and, incredibly, $5,000 less per person than New York. And on the other side of the ledger, California in 2007 had the highest-paid classroom teachers in the nation, and yet the Golden State had the second-lowest test scores.
Christian Kälin, a partner at residence and citizenship planning consultancy Henley Partners, said his firm has had a big rise in such inquiries.
He said: “Tax reasons might be the biggest reason why US citizens will want to drop their passports..” – clubconspiracy.comJay Krause, a partner at private-client specialist law firm Withers, said: “The number of inquiries from US citizens wanting to expatriate from their citizenship has increased rapidly in the last year.” – wealth-bulletin.com
To become a resident of Costa Rico for instance only requires proving an income of $50,000 USD per year. Put $1,000,0000 in the bank and cut a crappy 5% annual and you’re in. That is nothing serious for a middle-upper earner in their mid-50′s.
*notes:
- what would keep the wealthy here
- what is the worth of upper-middle income ($200,000) to the American economy
- Is the ObamEconomy more about bringing everyone to the same lower-middle class status?
- How does Obamacare and the financial reform bill increase Americans worth/income?
Related posts:
- Obama – Hoist With His Own Petard Perhaps President Barack Obama, when videotaping his weekly address, should, before opening his mouth, at...
- We Can NEVER Stop Combating The MSM – Rich Already Pay “Fair Share” of Taxes MSM, OWS, Obama Administration The OWS gang and President Barack Obama want the “rich” to...
- By the Numbers: Big Oil and Wealthy Already Sharing Sacrifice The Obama administration, big-labor, and far-left extremist (a.k.a. progressives) are repeating a destructive mantra: tax...
- Majority of Americans Do Not Trust President Obama or His Economic Advisors to Handle Budget Deficit NEW YORK, May 31, 2011 /PRNewswire/ — The issue of the budget deficit is one that many...
- States’ News Click on a State to See That State’s News Are you part of a state...
You are saying it is counter-productive to hate the rich bcuz they work hard and take risks…just like Bernie Maddoff, right?
leading by example…
still waiting on the zombie apokolypse
The percentage of rich Americans leaving is probably small but so is the total of rich Americans as a percentage of the population. A lot of middle class professional types leave for more money and better working conditions. Given the choice of working for an American company or a foreign one in my industry the offshore job would win 100% of the time. America has changed in the last 35 years. Nobody should be surprised that some people are not in agreement with the direction of that change. So our choices are to stay and make ourselves and a lot of other people miserable because we don’t feel any sense of belonging in what was our country or we pack up and go somewhere that we can be accepted and treated with courtesy and respect. Courtesy and respect for a middle class white boy in America is a thing of the past. Accept and move on. Or just move! It’s a lot easier being a minority in someone else’s country, I assure you.
Americans are leaving of all income brackets, all ages,
.
People cannot afford the high health care premiums,
which two hospital rep’s before congress admitted
fraud,folding in illegals health care to working americans
bills and congress just sat there.
Your observations are a joke. The wealthy in the US enjoy one of the lowest tax rates in the civilized world, and are taxed far, far less than they were in the earlier 20th century. Bought out politicians have fought hard to protect these individuals. As a result, we have the widest disparity of income in the world. It is very simple….the top 1% of Americans live like Jed Clampett AT THE EXPENSE OF EVERYONE ELSE. They have pushed for the sale millions of jobs overseas to make higher profits and to bust unions, while 3rd world workers now produce the goods at horrendous wages.
The gig is up. Either pay your fair share, OR LEAVE. There is zero doubt that your “rich and famous” lifestyle is more important to you than your country or your fellow Americans. No problem. Just get out. Now.
You states Income taxes. What about the other 50 taxes and fees people pay ? Exactly what do Rich take from poor ? Idiot loser.
You are wrong. You do not have to give up your citizenship to avoid us taxes. Just move overseas and don’t live in the US. I worked on an oil crew for years. Most of them worked on platforms 6 to 8 weeks and 3 to 4 off. They lived in Belize when they rotated off. There was a large American community there. And, if you did not live in the US, you paid 5% Belizian taxes.
Though many leave because of taxes still more are leaving because of politics and the police state that USA has turned into.
to the tune of 300,000+ a year now are leaving for good the outcome of all this can’t be good for USA.
When the brightest and richest start leaving in these high numbers what will be left in 5 years time?
I read the book called Leaving America, and the number of people leaving was around 3 million a year for jobs, education, for a new experience and to retire. The number was much lower than this twenty years ago… I also think that a different type of consciousness exists about traveling then thirty years ago. i worked with all high level professionals in their thirties… traveling and living abroad was what many peoples goals were. I noticed there was a time when people would not consider moving away from where they were born.
Many people seemed to resent the hectic pace of life here. I discuss taxes with people and I’ve reached the conclusion quickly that most people have no idea what the top 1% or top 10% pay and how if effects them and their community …and these are the same individuals that are voting away their own rights ..
I think the super rich leaving the US is a very small minority. The majority of people giving up their citizenship are people already living abroad, i.e. nonresident in the US. These people have lived abroad for years. It is unfair to be required to file US income taxes every year when you do not reside in the US or earn any income in the US. More recently the U.S. has required all citizens to report any accounts which total US 10K or more to the US treasury every year. I think this was the last straw for many people who already live and work outside the US and have done so for years. It has forced many people who were on the fence and eligible for citizenship in their current country of residence to finally make a decision.
I am a US citizen living in Europe; own nothing but an IRA in the US. Have not set foot in the US since 2008, I am basically a working stiff in my European country of residence, yet I must still report every cent I earn to the US government. Plus register any accounts totaling over 10K with the US treasury. It’s not fair. No other developed county requires this. I am pretty sure US corporations are not taxed on their foreign earned income unless it’s recognized on their US books. It will cost me 1500 Euro or more to get my taxes done because it’s so complicated it requires an expert familiar with the foreign and US tax systems. You can exclude income up to 90k and some housing costs, but beyond that you are taxed. Costs of living in places like Switzerland are high, so salaries are high, and depending on the exchange rate it gets worse when converted to USD. This does not take long before you are hit hard. The US should encourage its citizens to work abroad and bring what they learn back home but this does the opposite. It’s not a right wing or left thing it’s just bad for our country and its citizens. I support the idea of going after havens and cheats, but the current system is not the way to do it.
[...] Interestingly, although such a move offshore means departing Americans may have to pay an exit tax that the Democrat Congress and George Bush imposed in 2008, lawyers say this is a price people have become more willing to pay this year, … So why do the non-wealthy care? The top 1% of all earners pay 40 percent of all taxes. Examine the recent health care bill that relies heavily on the wealthy to fund the measure. If there are not enough wealthy people, the rest of will …Next Page [...]
[...] the rest here: Are Wealthy Americans Leaving the Country? – Conservative Daily News Share [...]