Posted on 03/24/2010 8:24:49 AM PDT by joeystoy
More than $70 billion in wealth left New Jersey between 2004 and 2008 as affluent residents moved elsewhere, according to a report released Wednesday that marks a swift reversal of fortune for a state once considered the nation’s wealthiest.
Conducted by the Center on Wealth and Philanthropy at Boston College, the report found wealthy households in New Jersey were leaving for other states — mainly Florida, Pennsylvania and New York — at a faster rate than they were being replaced.
(Excerpt) Read more at nj.com ...
Any thoughts?
Canada, Australia, New Zealand. The taxes may be as high or higher. Can & Aust have energy wealth, stable economies.
Unfortunately, Obama’s mantra is, “You can run, but you can’t hide.”
I’ve been doing a country search too. The problem remains though, as a US Citizen you still have to pay US income taxes regardless of where you earn them from what I gather. The only course of action would be to renounce citizenship and I am not at the point I am going to let the barbarions and moochers remove me from my native country.
Wait until they start fleeing USA...and watch where they go...
“...Unfortunately, Obama’s mantra is, “You can run, but you can’t hide.” “
If you have enough money, you can do both, just like elites and politicians (same thing) do.
Keep in mind there is an “exit tax” that runs roughly parallel with the death tax.
I guess Switzerland is still safe.
I was recently pinged by a recruiter for some opportunities with relatively higher salaries than here in the Austin Texas market. I was curious so I responded to the recruiter for more info.
It turned out to be in NJ, and told the recruiter that the salary was to be expected given the high cost of living there.
The rich do not have to live in the US either. There are many who will be living in France, which has amenities lacking in the US, when we adopt French Socialism.
Not sure about Switzerland any more, things have changed.
But Latin America has a few safe harbors left; I don’t have enough $$ to bother checking, but I know people that do.
Sadly, many of them will move to a conservative area but continue to vote liberal.
Things must be pretty bad in NJ if they’re fleeing to NY!
“The problem remains though, as a US Citizen you still have to pay US income taxes regardless of where you earn them from what I gather.”
This is true. It is also true that your foreign employers generally don’t file W-2s, so the IRS has no resonable chance of knowing what you make.
“But Latin America has a few safe harbors left”
Like Panama?
Yes, my thought is that I hope they have enough sense to also leave behind their social liberalism which is what lead to this pretty pass, and don’t take it to the low-taxation conservative states to which they move, so they can ruin them too. But from what we’ve seen so far, their little brains don’t make the connection.
I don’t come close to the net worth and income threshold for the exit tax. The problems with the current trend go far beyond the income tax. We’ll have a VAT very soon and prices for everything will skyrocket.
I’m very confident about my ability to thrive. Not so optimistic about what becomes of America when the politicians run out of other people’s money.
NOT TRUE!
If you are a legal resident of the U.S. for fewer than 180 days a year, then you are effectively not a legal resident of the U.S.
U.S. citizens must file income tax returns, regardless of their country of residenc - but foreign income of up to $91,000 is essentially ignored if you are the legal resident of a country with which the U.S. has a "Treaty for the Avoidance of Double Taxation." (And I think that all O.E.C.D. members have concluded such treaties with the U.S.)
Further, it's not even necessary to leave the U.S.! Move to Puerto Rico or the U.S. Virgin Islands! No federal income tax!
Finally, I think that every sensible person should first consider moving to one of the SIX U.S. states with (at least) no state income tax.
Regards,
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