Hiding Behind the Flag - GOP Assaults on Privacy Drives More Wealth Offshore!

Action America ^ | May 18, 2003 | John Gaver

[Action-America]

It's time for Republican voters to wake up and replace the entire GOP leadership in Washington, before their idea of patriotism wrecks our economy and relegates the Constitution to the wastebin of history.

[Jim Noble]

What will happen to our tax base, as they leave?

As a fraction of the "tax base", they are insignificant.

[Action-America]

Heads Up!

Here's yet another example of why logician2u was right when he said in a recent post on another thread:

If this keeps up, that inscription at the Statue of Liberty will need to be changed to something like

Give me your tired, your poor, and we'll give you in exchange our rich and most productive citizens, yearning to breathe free.

Vote in the poll at the bottom, too.

 

[eno_]

That statement is not supported by facts. High income people like me pay the majority of taxes. If I could structure the liquidity event of my present startup to happen offshore, I surely will. As it is, I'm buying a house in New Hamphsire to avoid state tax.

The government has no right to the present levels of taxation imposed on high earners. It is outright confiscation.

[David Isaac]

I can hardly wait to see the comments on this particular item, but I must, since I must leave for work momentarily.

Two phrases come immediately to mind: 'Trust, but verify' (applicable in almost in any circumstance); and 'Keep your friends close, but your enemies closer'.

Maybe few people have noticed, but major elections in recent history have seemed a bit too pat.

Something is indeed rotten in Denmark (please pardon the geographical inaccuracy).

[The Duke]

Hey, I'm a "low income" mom and pop business, but it's no coincidence that I'm going to Chile on vacation this year and learning to speak Spanish. If I relocate someday it will not be a case of me leaving America so much as it will be of America leaving me.

[tomakaze]

re:The government has no right to the present levels of taxation imposed on high earners. It is outright confiscation.
 
The government has no right to anyones earnings period. It is outright slavery.

[Action-America]

As a fraction of the "tax base", they are insignificant.

Perhaps you should go back and take high school math again.

As was pointed out in the above article, according to the IRS, the top 1% of income earners paid over 37% of all income tax collected in 2000.  I don't know of any school that teaches that 37% is insignificant.

Also, as pointed out in the above article, about 250,000 Americans expatriate every year and although they don't give a breakdown by income category, it's a pretty safe bet that the vast majority of them are rich and have the means to live well overseas.  If only 80% of them are wealthy, then we could loose that top 1% (about 1.3 million taxpayers) in just over 6 years and that's assuming that the expatriation rate, which is on the rise, levels off at 250,000 per year.

Without that top 1%, whose base income, according to the IRS, is only about $300,000 per year, those who remain will be faced with a greater than 55% tax increase, just to stay even.

I challenge you to find anyone who thinks that a 55% tax increase would be insignificant.

Perhaps you confused the number of wealthy taxpayers leaving with the amount of wealth that they control and the amount of taxes that they pay.  We can't afford to chase off the folks who are paying the bills.

 

[angkor]

I decided some time ago that leaving America was the desirable long-term strategy. Not only because of taxes, but also because of the rampant PC, the desperate 9 to 5 lifestyle, consumerism, and many troublesome changes in our culture since I was a kid.

I have found places where its easier to do business, where the culture is intact and not completely fragmented, and where one can live in relative peace from the media and government.

Nothing is perfect, but there are many "betters" in terms of quality of life.

[Action-America]

...it's no coincidence that I'm going to Chile on vacation this year and learning to speak Spanish.

Check out Belize.  English speaking member of the commonwealth.  Because of its bank secrecy laws, it is well on its way to becoming one of the better banking centers.  Only a little problem with large amounts of foreign exchange, but that's about to change.  And, the cost of living is only about 20-25 percent of what it is here.  And, oh yes! - the best diving on the longest barrier reef in this hemisphere.

On the other hand, if the cost of living is no object, try Trinidad and Tobago.  Also English speaking.  Petroleum based economy.  The most laid back people I have ever met.  Fabulous shrimp sandwiches.  And, it's out of the hurricane path (7 degrees north of the equator).

 

[11B3]

It's a shame that Americans have become so self-centered as well as weak. I'd like to see the whining if we had to face the same draconian regulations, rationing, and general hardship as our forefathers did as recently as WWII. High taxes for the top income brackets? How about 100% back then. Did they run away? NO.

We've got it damn easy, yet you all sound like you just got a run in your new nylons. F_cking wimps. It isn't all about ME, ME, ME. Duty, honor, country - remember those words? Hard to keep the system healthy when it's rotten from the top down or should I say CEO down. You greedy corporate fools don't understand that by moving you operations offshore in order to evade taxes you become no better than any other foreign company. You desire the access to America's markets, yet you don't want to pay for the things that go with that access (like paying Americans to work in your facilities). Why should anyone let you have your cake and eat it too - when we "little guys" don't get the same right? If you want full rights of being an American corporation, then play by the rules. If not, then get the hell out and sell your crap elsewhere. (Most likely to EU nations, since you all have the same mentality.)

You and your ilk have been impersonating Americans long enough. You make me want to puke. My only hope for you is that someday you are forced to live on the other side of the tracks, and survive out in our world. If some cataclysmic event takes place, and human civilization crumbles, during the ensuing anarchy I'll be hunting you folks for sport - in your world. You can be sure that I won't be alone. (I have nothing against anyone that is successful. The above rant is directed at those who are not just successful, but also decidedly self-centered, arrogant, and unpatriotic. You've made your riches in America's capitalist society, yet don't want to pay the cover charge. You know who you are.)

[11B3]

Your "agenda" is showing through.

[Yeti]

I have found places where its easier to do business, where the culture is intact and not completely fragmented, and where one can live in relative peace from the media and government.

Out of curiosity, where? I haven't the means to make such a change, but maybe in a few years I would consider it.

[Action-America]

Nothing is perfect, but there are many "betters" in terms of quality of life.

Interesting statement.  In fact, for many years, the US always came out on top in the various quality of life indexes.  Today, the only ones where the US comes out on top is in those sponsored by US interests who have something to gain by putting the US on top and not even all of them rate the US on top.  In general, most of the long time, respected quality of life and freedom indexes rate the US between 7 and 13.  Our government should be ashamed.

 

[Moby Grape]

Sounds like more Libertarian-like Sky-Is-Falling Chicken Little long winded rants.

[rdb3]

Couldn't have said it any better.

HOOAH!

Doing bad things to bad people...

[Action-America]

Out of curiosity, where? I haven't the means to make such a change, but maybe in a few years I would consider it.

In a recent post, I listed quite a number of places to which Americans are escaping, along with links to information about each.  Some are quite economical.

Here is the link to that post:

http://www.freerepublic.com/focus/f-news/886319/posts?page=8#8

 

[angkor]

My preference is SE Asia. But that's just me. Some people like Central America. Some like parts of Europe (e.g. Spain).

You really have to get out and take a look, because every person has different preferences.

[angkor]

The article is interesting, but one should be careful of expat stuff coming from Agora Publishing and its offshoots (James Davidson, Rees-Moog, International Living, etc.).

These guys have a history of taking positions in the investments and equities they tout (the SEC came down on one Agora interest a few weeks ago).

The Escape Artist site is pretty good.

[carlo3b]

Check out Belize...

Been going there since 1963, when it was British Honduras. They nationalized my land there in the 70's. It happens in areas outside the US, but it sometimes happens here as well.
The people are indeed wonderful, and educated for the region, but it can be frustrating living in a second rate country. Prices are great, unless you try to live like an American.
The interior of the country is magical, but bring enough OFF to bathe in. Plus, the socialist are ever present, and the natives are a bit lazy, and the heat is stiffling..but... all and all, it is not a bad place if you gotta leave home, I'll stay and protect and fight the losers here, it keeps me young. Ha!