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Wealthy Americans Jumping Obama’s Ship
Newsmax ^ | 06/23/2012

Posted on 06/24/2012 4:53:28 PM PDT by SeekAndFind

Wealthy Americans aren’t just leaving tax-heavy states like New York and California, they’re leaving the country.

U.S. citizens are defecting at record levels in order to escape high taxes, the New York Post reported. About 8,000 U.S. citizens are projected to renounce their citizenship in 2012, or about 154 a week — versus 3,805 in 2011, or about 73 per week, according to immigration officials, the Post reported.

They want to avoid tax bills resulting from the proposed 55-percent hike on the wealthy and the anticipated expiration of the Bush-era tax cuts at the end of the year, the Post reported.

“High-net-worth individuals are making decisions that having a US passport just isn’t worth the cost anymore,” Jim Duggan, a lawyer at Duggan Bertsch, which specializes in protecting assets of the wealthy, told the Post.

“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.’ But largely it’s an economic decision.”

But to leave means finding a new country and obtaining citizenship and there are many that are eager to welcome wealthy Americans, such as Australia, Norway, Singapore, Cayman Islands, Costa Rica, and Antigua, according to the Post.

(Excerpt) Read more at newsmax.com ...


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: economy; excitizens; expats; millionaires; nothanks; obama; obamalegacy; taxes; wealth

1 posted on 06/24/2012 4:53:41 PM PDT by SeekAndFind
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To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, Ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/


2 posted on 06/24/2012 4:58:23 PM PDT by Nachum (The complete Obama list at www.nachumlist.com)
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To: SeekAndFind

That ought to make all of Obama’s and Holder’s people very happy....oh, with....the Evil Rich pay about 60% of the taxes for all the government give-aways.

Methinks tthe rich better get out now, before the government starts confiscating their wealth before they can get it out of the country.


3 posted on 06/24/2012 5:05:06 PM PDT by txrefugee
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To: txrefugee
They will just retroactively confiscate it.
4 posted on 06/24/2012 5:08:56 PM PDT by TexasFreeper2009 (Obama lied .. the economy died.)
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To: SeekAndFind
Probably a huge multiple of the number who leave Cuba each week... and little interest by the MSM.
5 posted on 06/24/2012 5:18:17 PM PDT by Sooth2222 ("Suppose you were an idiot. And suppose you were a member of congress. But I repeat myself." M.Twain)
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To: SeekAndFind

Never fear. ACORN will make sure their votes are cast.


6 posted on 06/24/2012 5:22:43 PM PDT by bgill
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To: SeekAndFind

Every day is one step closer to the Leftist’s wet dream of America being a third world nation.


7 posted on 06/24/2012 5:23:00 PM PDT by Jack Hydrazine (It's the end of the world as we know it and I feel fine!)
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To: SeekAndFind

BO is working very hard to make American citizenship meaningless and worthless.

On the one side: illegal immigrants are given more rights and protections than citizens. They might even be allowed to vote since the left decries any demand for picture ID to vote as “discriminatory.”

On the other side: wealthy Americans, who could stay here and create new businesses and new jobs, are being driven out due to the tax structure.


8 posted on 06/24/2012 5:26:04 PM PDT by thecodont
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To: thecodont
If Obama wins or steals the election in November, those numbers are going to take a huge leap.
9 posted on 06/24/2012 5:27:37 PM PDT by Truth29
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To: SeekAndFind
While I can sympathize with those who want to retain their wealth, for themselves or their progeny, I can't imagine anything making me renounce my American citizenship.
10 posted on 06/24/2012 5:29:16 PM PDT by workerbee (We're not scared, Maobama -- we're pissed off!)
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To: SeekAndFind; All
"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.’ But largely it’s an economic decision."
Hmmm...Going....Going... Gone GALT. :-P

11 posted on 06/24/2012 5:34:05 PM PDT by skinkinthegrass (WA DC E$tabli$hment; DNC/RNC/Unionists...Brazilian saying: "$@me Old $hit; different flie$". :^)
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To: Truth29

12 posted on 06/24/2012 5:35:25 PM PDT by SeekAndFind (bOTRT)
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To: workerbee

One name: Obama.


13 posted on 06/24/2012 5:35:35 PM PDT by Dallas59 (President Robert Gibbs 2009-2011)
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To: SeekAndFind

“”But to leave means finding a new country and obtaining citizenship and there are many that are eager to welcome wealthy Americans, such as Australia, Norway, Singapore, Cayman Islands, Costa Rica, and Antigua, according to the Post.””


I am not sure I trust the thesis of this story. Norway’s current taxes far exceed anything in works in the USA. So why would a wealthy American become a Norwegian citizen?


14 posted on 06/24/2012 5:35:46 PM PDT by Presbyterian Reporter
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To: SeekAndFind

15 posted on 06/24/2012 5:37:27 PM PDT by SeekAndFind (bOTRT)
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To: workerbee

Me neither. We have to rid the Nation of the Traitor/Racist/Marxist/America-Hater-In-Chief and his infiltrators, on Nov 6th. AB0 (as TGO says)!


16 posted on 06/24/2012 5:38:25 PM PDT by carriage_hill (All libs & most dems think that life is just a sponge bath, with a happy ending.)
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To: Presbyterian Reporter
why would a wealthy American become a Norwegian citizen?

Witness protection program for a mob whistle blower.

17 posted on 06/24/2012 5:39:22 PM PDT by ROCKLOBSTER (Celebrate Republicans Freed the Slaves Month.)
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To: SeekAndFind

There are some interesting numbers below....at some point its gonna start looking like a “bank run” ...which is essentially what it is...

The Feds are desperately worried some of the 50% of the population they uses as cash cows to help them fund their delusions are catching on...and leaving....

“Last year, almost 1,800 people followed Superman’s lead, renouncing their U.S. citizenship or handing in their Green Cards. That’s a record number since the Internal Revenue Service began publishing a list of those who renounced in 1998. It’s also almost eight times more than the number of citizens who renounced in 2008, and more than the total for 2007, 2008 and 2009 combined.”

http://www.reuters.com/article/2012/04/16/us-usa-citizen-renounce-idUSBRE83F0UF20120416

Even more alarming....in 1997 the list was ONLY 90 people renouncing...so that year, 2011, it was TWENTY times greater that in 1997...

http://www.gpo.gov/fdsys/pkg/FR-1997-01-30/html/97-2283.htm


18 posted on 06/24/2012 5:39:40 PM PDT by mo (If you understand, no explanation is needed. If you don't understand, no explanation is possible.)
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To: Dallas59
Obama can kiss my white American azz before I'd renounce my nation for the likes of a commie poser like him.
19 posted on 06/24/2012 5:41:18 PM PDT by workerbee (We're not scared, Maobama -- we're pissed off!)
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To: All

The thing is, where is there anyplace left that has any overall greater freedom?... except that which may be purchased by the ultra wealthy, and even those purchases have a very unreliable warranty .

Sure there are places that are better in some respects, and worse in others.

Me, I decided long ago to ‘Go Galt’ and sit and watch it all fall down around me. Should be entertaining, but I feel sorry for all the decent but people who place their hopes into the political parties to save them.


20 posted on 06/24/2012 5:42:53 PM PDT by LegendHasIt
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To: mo

21 posted on 06/24/2012 5:46:03 PM PDT by SeekAndFind (bOTRT)
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To: SeekAndFind

It could be more complicated, but Australia doesn’t sound so great:

$180,001 and over $54,550 plus 45c for each $1 over $180,000

The above rates do not include the Medicare levy of 1.5%


22 posted on 06/24/2012 5:46:55 PM PDT by radioone
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To: Nachum

23 posted on 06/24/2012 5:48:12 PM PDT by SeekAndFind (bOTRT)
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To: SeekAndFind
Andrew Mellon, Treasury Secretary under Harding and Coolidge, said you can't tax the wealthy above 25%. They will take evasive action if you go higher. History has proven him correct. If FDR had had the sense to renew the Mellon plan of tax cuts and spending cuts, the Depression would have ended years earlier.
24 posted on 06/24/2012 6:30:24 PM PDT by hinckley buzzard
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To: SeekAndFind

And the “Progressives” are now promoting patriotism. I can barely recognize this society as the nation I once loved. Democracy or mobocracy has worked its mojo on another great civilization and there’s no going ‘back’. History has taught us nothing.


25 posted on 06/24/2012 7:13:50 PM PDT by griswold3 (Big Government does not tolerate rivals.)
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To: workerbee

Welcome to the Resistance!


26 posted on 06/24/2012 7:16:22 PM PDT by griswold3 (Big Government does not tolerate rivals.)
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To: workerbee
Obama can kiss my white American azz before I'd renounce my nation for the likes of a commie poser like him.

Although I cannot blame wealthy Americans for doing this, I do agree with you.
27 posted on 06/24/2012 7:22:04 PM PDT by Nowhere Man (General James Mattoon Scott, where are you when we need you? We need a regime change.)
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To: SeekAndFind

Man, what a loss. We coulda had SANTORUM.

Better on taxes, better on social conservativism.


28 posted on 06/24/2012 7:43:02 PM PDT by JCBreckenridge (Texas, Texas, Whisky)
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To: hinckley buzzard

Mellon is probably the greatest American patriot nobody has heard about.


29 posted on 06/24/2012 7:45:13 PM PDT by JCBreckenridge (Texas, Texas, Whisky)
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To: mo

A lot of this is natural fall-out from dual citizenship and passing out American citizenship to everyone.

A foreigner can come here, do what they want to make money and then go home, if they made a ton of money then they may desire to dump the no longer useful or important American citizenship.

Some of it is just our modern day Americans raised and educated into nothing but a single minded focus on wealth and self gratification, with no connection to anything more.

I doubt that many of these guys spend their evenings discussing patriotism or Jesus.


30 posted on 06/24/2012 9:21:19 PM PDT by ansel12 (Massachusetts Governors, where the GOP now goes for it's Presidential candidates.)
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To: LegendHasIt

“The thing is, where is there anyplace left that has any overall greater freedom?... “

There are plenty of places, I don’t think that you realize just how much of a police state the US has become nor how corrupt it is at the top. The elites are not the ones bolting as they have historically low taxation rates (witness all the Billionaires claiming to have lower tax rates than their secretaries like Warren Buffet)and have the access to politicians that make them immune to almost all laws (like John Corzine of MF global that stole $1.6B and will never see the inside of a jail cell or be required to pay any of it back).

Now look at the average citizen that has to be stripped searched and groped in the privates just to board a plane (elites fly private jets, just walk on and go), the FDA using SWAT teams to go after organic farmers selling raw milk, SWAT teams killing the family dog for fun, and on and on. We are also buried in red tape from every organization you can imagine, especially in the blue states like were I live in CA. We are no longer free, granted we still have not reached the level of some place like Cuba ... yet, but we are moving in that direction.

Most people on FR define freedom as only meaning one thing, the right to own a gun and carry it around for protection. That is about the only measure of freedom where the US stands out, in most other ways your average Mexican has more freedom than you do, which is why the tide is starting to reverse for those that have something to offer. For the welfare leaches the US is still the best as we hand out borrowed money like candy to anyone that squeezes out a baby. Sweet deal for someone that would be selling gum on the street corner in her home country.

Most of those giving up their US citizenship though are not US born refugees but people that came here for the opportunity (most on a H1B visa) but realized that their opportunities are better back home. Lots of guys from India and China that got their PhD in engineering here in the US and want to make a better life are going home. The brain drain in reverse. I’ve looked into some of these places that have a citizenship for sell and the cost is either too high for the average dude (like New Zealand where you need to be a millionaire) or the citizenship is in a country that you would not really want to live in (like some small impoverished Caribbean island where $50,000 can get you a new passport).

That plus the US dollar is loosing value at such a rapid rate that most third world countries are not as “cheap” a place to live as they once were. All in all it adds up to damned if you stay and damned if you leave so since I can’t speak a foreign language it’s stay put and like you watch the decline.


31 posted on 06/26/2012 2:33:15 PM PDT by trapped_in_LA
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To: SeekAndFind

They are starting to leave...the commies will have to put the hammer down soon before all the big fish get away. Look for new laws to keep people from leaving, a Berlin wall of legislation.


32 posted on 06/26/2012 8:18:43 PM PDT by Earthdweller (Harvard won the election again...so what's the problem.......? Embrace a ruler today.)
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