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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
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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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