Are Rich Americans Leaving The Country?

boom2bust. ^

[newbie2008]

The Zogby results are shocking – especially compared to the entire U.S. population (now about 303,116,000). The numbers below are for households, not individuals.

• 1.6 million U.S. households already decided to move offshore and are headed in that direction. • Another 1.8 million households are seriously considering moving and are likely to do it. Many have taken preliminary steps. • 7.7 million households are “somewhat seriously” considering moving and “may” do it. • Nearly 3 million households are seriously considering buying a vacation home or other property outside the United States. Another 10 million are “somewhat” seriously considering it.

This means that almost 10% of U.S. households are considering leaving the country. Another 10% are considering living outside the country part-time. Most analysts are ignoring this silent massive emigration.

These would-be emigrant households plan to spend an average of US$260,000 on buying or building a house. They’re also planning to spend at least US$36,000 annually on living expenses outside the United States.

In total, they represent hundreds of billions of dollars leaving the U.S. economy each year.

Tax haven countries are recording significantly larger numbers of US applicants for permanent residence or second citizenship every year. Keep in mind that most of those expats are wealthy, since poor people can’t afford to leave. In fact, millions of poor people risk their lives in the back of trailers or crossing Arizona desert every year, to take advantage of our increasing welfare state. It is the wealthy, who are leaving and they represent lost US investment dollars and subsequently, LOST US JOBS…

[Mad Dawgg]

"There’s hardly a patriotic business onwer left, who pays higher wages here to have american jobs and american-made goods, if they can have it made in china for less."

There are two types of patriots. The 1st type claims it is patriotic to feed the socialist beast by following the ever more constrainging socialist rules of income distribution. The 2nd type know that the 1st type are akin to what Stalin termed the "useful" citizens.

[am452]

There are two types of patriots. The 1st type claims it is patriotic to feed the socialist beast by following the ever more constrainging socialist rules of income distribution. The 2nd type know that the 1st type are akin to what Stalin termed the "useful" citizens.

Third type is cowards who leave without a fight...who give up. Men without a country.

[Gatún(CraigIsaMangoTreeLawyer)]

Hey...I am going to move too...

Oh wait!!! I already live in the Republic of Panama..

Never mind.

[Mad Dawgg]

"Third type is cowards who leave without a fight...who give up. Men without a country."

Those people who are opting to NOT feed the Socialist beast aren't giving up their citizenship, they are removing their money so the beast can't feed on it.

I applaud their efforts.

My family in its own way is doing such. We pay ourselves the minimum allowed salaries (yes the Socialist beast MAKES business pay a certain amount in personal salaries to the owners) so as not to feed the "withholding taxes" vampire. ANd our accountant is preparing a package for my father that will severely reduce the raping he is getting from the Tax hungry yabos in Washington.

I look at it this way, every dollar NOT sent to Washington is a dollar well spent.

If rich folks are removing their money from the grips of Washington then more power to them.

[Bigun]

It should be common sense. But, apparently not.

I have noticed that common sense isn't all that common anymore.

[Dawn531]

Interesting. Thanks for the info.

[Toddsterpatriot]

Joe Biden, is that you? LOL!

[am452]

My family in its own way is doing such. We pay ourselves the minimum allowed salaries (yes the Socialist beast MAKES business pay a certain amount in personal salaries to the owners) so as not to feed the "withholding taxes" vampire. ANd our accountant is preparing a package for my father that will severely reduce the raping he is getting from the Tax hungry yabos in Washington. I look at it this way, every dollar NOT sent to Washington is a dollar well spent. If rich folks are removing their money from the grips of Washington then more power to them.

I agree with you comments here 100%. My wife and I do the same thing with our business.

However what's happening here is people are leaving the country and taking the money with them. They made their millions/billions here off of their fellow Americans and repay them by skipping out of the country. "So long suckers"

The sticking point with me is the lack of loyalty towards their country. If they get in trouble with their "new" country(ie. dictator takes over) they will expect Uncle Sam to bail them out or they will be flying back to the US to escape.

These peope are modern day carpetbaggers plain and simple.

BTW: I have no problem with people having a vacation home in another country etc but i think what this article is refering too is people leaving this country and severing all ties except maybe their citizenship..which they will keep as their get out of jail card if they should need it.

[Toddsterpatriot]

They made their millions/billions here off of their fellow Americans

Da, kill the greedy kulaks, eh comrade?

[Gatún(CraigIsaMangoTreeLawyer)]

“Third type is cowards who leave without a fight...who give up. Men without a country.”

You haven’t the slightest idea about what you are yammering.

You are yammering just to yammer.

[Mad Dawgg]

'However what's happening here is people are leaving the country and taking the money with them. They made their millions/billions here off of their fellow Americans and repay them by skipping out of the country. "So long suckers"'

How else are they to stop the raping they are getting?

If you seek to reduce the amount of money you send to Washington then why is it considered "unpatriotic" for them to do so as well?

Is it because with the capital they command they can achieve better results?

I daresay they have paid a goodly share of taxes already, more than most Americans will pay in their entire lifetimes.

I say more power to them.

[Toddsterpatriot]

He agrees with Biden, the people should pay more in taxes, it's the patriotic thing to do. LOL!

[Gatún(CraigIsaMangoTreeLawyer)]

Come live in the Republic of Panama. You’ll be surprised how much English is being spoken here.

By the way, in spite of the turmoil in the U.S. right now, Panama continues to do great...I just checked in with a banker who was in Washington DC this week on assignment about this world mess. Panama needs not to worry although it uses the dollar as its currency.

[Iron Munro]

It is really interesting to see how this stuff develops a life of its own on the internet, isn’t it?

[Jack Black]

• Andorra. No personal income tax.
• Anguilla - A British Overseas Territory and offshore banking centre
• Antigua and Barbuda
• Aruba
• The Bahamas levies neither personal income nor capital gains tax, nor are there inheritance taxes.
• Barbados - A 'Low-tax regime' not 'Tax haven'.[25][26][27] - The government of Barbados sent off a high level note to members of the United States Congress recently in protest of the label "Tax Haven" stating it has the potential to undermine or override the Barbados/United States double taxation agreement.[28]
• Belize No capital gains tax.
• Bermuda does not levy income tax on foreign earnings, and allows foreign companies to incorporate there under an "exempt" status. Exempt companies may not hold real estate in Bermuda or trade there, nor may they be involved in banking, insurance, assurance, reinsurance, fund management or similar business, such as investment advice, without a license. The island also maintains a stable, clean reputation in the business world. At present, there are no benefits for individuals. In fact, for a non-Bermudian to own a house on the island, they would have to pay a minimum of $15,000 a year in land tax alone.
• Bosnia and Herzegovina - 10% corporate income tax, 10% income tax, 10% capital gain tax
• British Virgin Islands: the 2000 KPMG report to the United Kingdom government indicated that the British Virgin Islands was the domicile for approximately 41% of the world's offshore companies, making it by some distance the largest offshore jurisdiction in the world by volume of incorporations. The British Virgin Islands has, so far, avoided the scandals which have tainted less well regulated offshore jurisdictions.
• Bulgaria - corporate tax is 10% , income tax is 10% , tax on dividends is 5%, no capital gain tax
• Campione d'Italia an Italian enclave within Switzerland
• Cayman Islands No capital gains tax.
• In the Channel Islands, no tax is paid by corporations or individuals on foreign income and gains. Non-residents are not taxed on local income. Local taxation is at a fixed rate of 20% in Jersey, Guernsey, & Alderney and 0% in Sark.
• Cook Islands
• Cyprus: this jurisdiction has grown recently in popularity and anticipates further future growth. As a jurisdiction Cyprus is in a position to exploit its unusual position as an offshore jurisdiction which is within the EU.
• Gibraltar ceased to be considered a tax haven after 30th June 2006. No new Exempt Company certificates are being issued from that date. [7] All previous Exempt Company certificates will be ineffective from 2010 [8]
• Hong Kong's tax rates are low (17%) enough that it can be considered a tax haven. Hong Kong does not levy tax on capital gain as well. [29]
• Ireland did not tax the foreign income of authors and artists until 2006. Corporation tax is only 10% or 12.5%. Income not remitted to Ireland by Irish residents not-domiciled in either Ireland or the UK can escape taxation Ireland.
• The Isle of Man does not charge corporation tax, capital gains tax, inheritance tax or wealth tax. Personal income tax is levied at 10% on the worldwide income of Isle of Man residents, up to a maximum tax liability of £100,000. Banking income tax is levied on the profits of Isle of Man based banks at 10%.
• Labuan, a Malaysian island off Borneo
• Liechtenstein
• Luxembourg
• Macau
• Malta - Shareholders of certain companies pay less than 5% tax
• Mauritius - based front companies of foreign investors are used to avoid paying taxes in India utilising loopholes in the bilateral agreement on double taxation between the two countries, with the tacit support of the Indian government, who are keen to improve figures relating to inward investment. The use of Mauritius as a gateway to funnel foreign investments into India has always been controversial. Mauritius's financial regime has a number of the key characteristics of a tax haven, which has helped to facilitate this.[30]
• Macedonia - corporate taxes 10 %, income taxes 10 %, tax on reinvestment profit 0 %
• Monaco does not levy a personal income tax.
• Nauru - No taxes. Only tax in country is an airport departure tax.
• Netherlands Antilles
• Nevis
• New Zealand does not tax foreign income derived by NZ trusts settled by foreigners of which foreign residents are the beneficiaries. Nor does it tax the foreign income of new residents for four years.[9] No capital gains tax.
• Norfolk Island - no personal income tax.
• Panama 'Offshore' entities are not prohibited from carrying on business activities in Panama, other than banks with International or Representation Licenses (see Offshore Business Sectors) but will be taxed on income arising from domestic trading, and will need to segregate such trading in their accounts.
• Russia - 13% income tax
• Samoa
• San Marino
• Sark
• Seychelles
• St Kitts and Nevis
• St Vincent and the Grenadines
• Switzerland is a tax haven for foreigners who become resident after negotiating the amount of their income subject to taxation with the canton in which they intend to live. Typically taxable income is assumed to be five times the accommodation rental paid. Vaud is the most popular canton for this scheme. For businesses, the canton of Zug is popular, with over 6000 holding companies.
• Turks and Caicos Islands The attraction of the Exempt Company lies in a combination of its tax exempt status and minimal disclosure and administrative requirements. In order to obtain tax exempt status the subscribers must at the time of incorporation lodge at the Companies Registry a signed declaration stating that the business of the company will be mainly carried on outside the Turks and Caicos Islands. The subscribers are not required to inform the Registrar of the identity of the beneficial owners. An exempt company must nominate a representative resident in the Islands for the purpose of service of legal process. There are more than 15,000 International Business Companies registered in the Turks and Caicos Islands. Until 2008, the UK was a tax haven for people of foreign domicile. This was eliminated by Prime Minister Gordon Brown, responding to unions and Labour Party lawmakers.
• Some states within the United States, particularly Delaware, offer incentives for businesses to locate there. Many banks and other financial companies are domiciled in the state of Delaware even though Delaware is one of the smallest states in the United States. Nevada and Wyoming are particularly well known for not having any state income tax or corporation tax.
• Uruguay - used to have no personal income tax. However, the current government decided to introduce income tax as of 2007.
• United Arab Emirates for individuals and Jebel Ali Free Zone for companies.
• United States Virgin Islands offers a 90% exemption from U.S. income taxes and 100% exemption from all other taxes and customs duties to certain qualified taxpayers.
• Vanuatu's Financial Services commissioner announced in May 2008 that his country would reform its laws so as to cease being a tax haven. "We've been associated with this stigma for a long time and we now aim to get away from being a tax haven."[31]

Here are a few to choose from. Source: Wikipedia.

[Mad Dawgg]

"He agrees with Biden, the people should pay more in taxes, it's the patriotic thing to do. LOL!"

You know as time goes by I realize more and more how truly genius was Orwell's 1984.

American Revolution: "No Taxation without representation" "Boston Tea Party" Etc.

2008: It is Patriotic to pay higher taxes...

Up is down, black is white, war is peace.

[Dawn531]

Sad part is, whoever did write it is getting none of the credit, LOL.

[GOPJ]

It might just be the boomers finding cheaper retirement places...

[DCPatriot]

Cayman Islands is a popular choice.

[bushfamfan]

I really can’t blame them, especially as things stand with this country now. It essentially has a terminal illness and the Demonrats are spreading and we will not recover. If Obama wins not only is it the coming of socialism but the United States(and the world by extension) will have foreign threats that will overwhelm. I’m sorry to say it, but if I had the means I would be out of here as well. I don’t like being someone who studies history and know all the sacrifices that made America what it was and for it to come to the possibility of Obama not only coming close(it was disturbing enough previous elections), but getting the presidency shows it’s really going to be the death knell. The only hope is a miracle McCain presidency. We will not survive otherwise. I’m sorry to say Benjamin Franklin may have seen a sunrise with Washington’s Constitutional Convention chair but we are now coming to a sunset and it will not be pretty. I will never forgive anyone who will support Obama and let them take this ship down with their own sacrifice now.