"American companies trying to compete in global markets can (a) passively allow their market share to decline, (b) become takeover targets for foreign-based competitors, or (c) have their charter in a filing cabinet in a low-tax jurisdiction instead of in a filing cabinet in Delaware." ...or (d) if option "c" is denied them by the US government, they can move not only their incorporation offshore, but all of their factories and jobs, as well. With our elected officials, on both sides of the aisle, in full greed mode, option "d" is looking more and more favorable every day.
These laws, aimed at punishing Americans who have the audacity to invest or earn money offshore or even to permanently move offshore are actually responsible for forcing more and more wealthy Americans to do just that. Increasingly, the option that they are choosing is to move themselves and their assets offshore.
It's nice to see a major organization, like The Heritage Foundation, finally taking note of the problems that Action America has been reporting on since 1995. Every year, when we update our permanent article, TIck-Tick-Tick - The Economy Bomb, the new statistics for the year reinforce the fact that the situation is getting worse by the year. In fact, according to an April 2, 2003, Financial Times article, approximately 250,000 Americans expatriate every year. How many of those people do you think are poor? It's a safe bet that well over 90% of them probably make at least $128,000 per year, putting them in the top 5% of income earners (those who pay over 55% of the taxes and just exactly the people who we should be encouraging to stay).
FYI, the tax collection data for the year 2000, that I cited above, can be found in the article, 1986-2000 IRS Collections Data by Income Group.
I think that it's about time to replace, not only all of the Democrats in Washington, but most of the Republicans, as well.
Give me your tired, your poor, and we'll give you in exchange our rich and most productive citizens, yearning to breathe free.It's a good thing Gore wasn't elected president or you know he'd veto a tax cut if it ever cleared congress.
Aren't we glad Bush will sign this monster?
Too bad the courts let the government slide on retroactive income-tax increases; if the court had held that line monstrosities like this wouldn't have stood a chance.
I'll second that motion. The Free Republic should develop a list of important questions to be asked of any candidiate seeking Conservative nomination. This country has been run by the left at the local level for far too long. I don't care what Repocrat label you put on the monster is has run amok. And now the socialists are trying to push both parties even further left. Why do I say this? This is reason #1 and this is reason #2 from a WSWS editorial:
Barry Grey, a member of the WSWS editorial board, introduced the resolution on the political independence of the working class. He emphasized the need for a definitive break with the Democratic Party, citing the long history of the political subordination of American workers to this bourgeois party, extending back to the nineteenth century in the period prior to the Civil War, when the Democratic Party defended the interests of the southern slaveocracy. Grey stressed that the political independence of the working class could not be achieved through the construction of a reformist “third party.” Rather, as the resolution stated, it could be achieved “only through the building of a party that attacks the economic foundations of the capitalist system.” The resolution concluded: “We undertake the task of building the Socialist Equality Party as the mass political party of the working class which, on the basis of an internationalist and socialist program, will fight for power.”
They have a renewed push believe me. Conservatives need a renewed vigor also or .......? Stand for your convictions. Don't flinch from their hate driven name calling. Anything they may call us they have been perfecting for decades. Remember these if you need any smelling salts. Love.