What Do We Do If the Rich Start to Leave?

Real Clear Markets ^ | 04/11/2010 | Bill Frezza

[SeekAndFind]

The numbers are small. A modern record, to be sure, and an embarrassment to some. But nothing to be alarmed about. Better to just curse their greed, slap an exit tax on their assets, and move on. There are plenty more where they came from.

[Senator_Blutarski]

1% of US income tax filers pay 40% of our nation's income taxes. It's only fair given how much money they make.

Tell that to the many people who work 60 to 80 hours (or more) per week to get ahead.

We are talking about income here, not wealth. Why is it a virtue to take money from people who work hard and give it to people who don't work hard?

[SeekAndFind]

Chile


1) They'll have to learn Spanish.

2) They have to live under the threat of above 7.2 earhtquakes on the Richter scale.

3) Not sure how safe the country is in terms of crime compared to here.

[ex-snook]

They would just be following the international corporations who no longer consider themselves American. When the object of life is to accumulate more and more money, tax all money leaving the country.

[laxcoach]

If you are a US citizen and leave the US, you are subject to income taxes for 10 (?) years. You must pay your taxes regardless of where you live, where you make money, and where you park your money.

That is to say that you are the property of the US government. Capital Controls only extend this concept. I don’t really understand HOW that can be constitutional, but who am I?

You cannot just leave the US and setup shop elsewhere anymore (not that there is anywhere to go). You become a criminal the year you make money outside the US and don’t report it.

[RC2]

They really don’t have to leave. They will just invest most of their money out of the country. Ted Kennedy and the whole Kennedy family already does this. Look at Soros, most of his money is not in this country. No taxes on that money.

[righttackle44]

I hate to quote a motion picture prostitute as an authority, but, in the words of Kit De Luca of Pretty Woman fame, played by Laura San Giacomo, "Where the @$#% you wanna go?" Monaco: Do what? Go the casino every night for a week,
Going to get tired of that. So then you travel. Where?
Europe? For what? More cheese and wine?
Singapore? You can get arrested for spitting on the
street or showing your arm pits.
Australia? After a week of fawning over koala bears
kangaroos and sharks, and trying to avoid head-on
collisions, what do you do? Walk on the bridge?
Switzerland? (no, not Oklahoma) After the snow melts,
you're back to wine and cheese.
France? More wine. More cheese. And how many times
can you visit vineyards and the Eiffel Tower?
After Obama is gone, they'll be home.

[dfwgator]

If you are a US citizen and leave the US, you are subject to income taxes for 10 (?) years. You must pay your taxes regardless of where you live, where you make money, and where you park your money.

Or else?

[MrB]

Republic of Texas sounds like a good place to move your capital... (spelled with an “a”)

Any state or states that secede or secede all but in name
will have a capital influx of investors, guaranteed.

[Rightly Biased]

Its not fiction anymore

Who is John Galt?

[NC28203]

Most are people with family ties outside the US: foreign professionals who acquired a green card while working in the U.S., or people who have received higher education in the U.S.

So essentially, many are Indians and Chinese opting for opportunities back "home". Given the total of 500 in 4Q09 out of a nation of 300+MM, I don't really don't know how relevant that really is.

[MrB]

“The Left always emphasizes the sin of greed and overlooks envy.”

---

The Left’s ideology epitomizes covetousness. They simply hate the idea that others have something and are happy with it.

[Publius6961]

I just have one question for the geniuses that never get it right, but remain employed...

Where are they gonna go?

[twoputt]

Where to go?

I would start with The Heritage Foundation’s list of economic free countries and go from there. But for me, I’m more concerned about leaving the Peoples Republic of Illinois with the shirt on my back.

[nina0113]

The question is WHERE TO ?

People with SERIOUS money are more free in a country with fewer laws and a bribe-able justice system. They live in gated communities with plenty of servants and have every amenity they would in the US. I can't remember where I read it, but I believe the Bush family owns a nice chunk of Patagonia (Argentina).

[pnh102]

I'm curious to know where these places are... can you give me some names ?

I've heard that Switzerland is one such place.

[MrB]

This is a great line I stole from somewhere:

There is no sweat on a rich liberal’s money.

[SeekAndFind]

Switzerland is not an easy place to acquire permanent residency, much less citizenship.

[dfwgator]

The worst thing about taxing income on rich people, is that it just encourages more to be “idle rich”, and a country cannot survive that. That is one thing the class envious just don’t get.

[Jewbacca]

“Chile”

“1) They’ll have to learn Spanish.

2) They have to live under the threat of above 7.2 earhtquakes on the Richter scale.

3) Not sure how safe the country is in terms of crime compared to here.”

Sounds like California, but with lower taxes.

[Bloody Sam Roberts]

The question is WHERE TO ?

I hear Estonia is very nice.