They call this progress.
The Wall Street Journal’s Martin Vaughan writes that more U.S. taxpayers are severing ties with the U.S. because of high taxes and the growth of government (emphasis added):
The number of American citizens and green-card holders severing their ties with the U.S. soared in the latter part of 2009, amid looming U.S. tax increases and a more aggressive posture by the Internal Revenue Service towards Americans living overseas.
According to public records, just over 500 people worldwide renounced U.S. citizenship or permanent residencyin the fourth quarter of 2009, the most recent period for which data are available. That is more people than have cut ties with the U.S. during all of 2007, and more than double the total expatriations in 2008.
An Ohio-born entrepreneur, now based in Switzerland, told Dow Jones he is considering turning in his U.S. passport. Mounting U.S. tax and reporting requirements are making potential business partners hesitate to do business with him, he said.
“I still do dearly love the U.S., and renouncing my citizenship is not something I take lightly. But more and more it is seeming like being part of a dysfunctional family,” said the businessman, who asked that his name not be used for fear of retribution.
“The tax itself is only a small part of the issue,” the Swiss-based entrepreneur said. “It’s the overall regulatory environment.”
The only thing surprising about wealth flight is that it seems to surprise those who think it’s good for America that we tax our wealthy job creators back to the Stone Age.
If you want a nation of the mediocre, just punish the excellent until they go somewhere else.
Or as Dick Vitale might say, “equality baby!”
(Hat tip: Paul Caron)
Related Posts:
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- High Taxes Cause New Yorkers too Flee
- Michael Caine to Move to America if Brit Tax Rates Goes to 51%
- Phantom of the Opera Composer Andrew Lloyd Weber Opposes High U.K. Taxes
12 responses so far ↓
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3 The Jamiacan Blur Runs Away from High Taxes // Jul 13, 2010 at 9:09 am
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4 Wealth Flight Update // Jul 19, 2010 at 9:41 am
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5 The Greedy Rich Follow Lebron’s Lead & Move to Florida // Aug 9, 2010 at 8:01 am
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6 Tiger Woods to Avoid Ryder Cup Because of UK Taxes // Aug 10, 2010 at 10:42 pm
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7 Soak the Rich Policies Destroy States // Oct 6, 2010 at 9:21 am
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8 Daddy Gates’s Tax-the-Rich Measure Loses in Washington // Nov 3, 2010 at 6:59 pm
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9 Illinois Raises Income Taxes, Indiana and Wisconsin Celebrate // Jan 13, 2011 at 9:36 am
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10 States Rolling Back Soak the Rich Strategy // Jun 9, 2011 at 9:40 pm
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11 High Taxes Scare Rich People Away // Jul 3, 2011 at 9:17 am
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12 CBPP Admits Tax Flight Occurs in Study Titled “Tax Flight is a Myth” // Aug 5, 2011 at 11:09 am
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