Posted on 05/11/2013 10:48:45 PM PDT by 2ndDivisionVet
I’ve written many times about how investors, entrepreneurs, small business owners and other successful people migrate from high-tax states to low-tax states.
Well, the same thing happens internationally, as France’s greedy politicians are now learning.
It’s a lot harder for Americans to escape our tax system, though, in part because of reprehensible exit taxes that are disturbingly reminiscent of some of the awful policies of past totalitarian regimes.
But it still happens, and that’s a very damning indictment of Obamanomics and a worrying referendum on the future of the United States. Here are some blurbs from a recent Fortune article.
Americans are ditching their U.S. passports in record numbers, a sign of growing frustration with a system that taxes U.S. citizens on their global wealth whether they live in Montana or Mongolia. …on the list, published quarterly by the Internal Revenue Service, is Isabel Getty, the daughter of jet-setting socialite Pia Getty and Getty oil heir Christopher Getty. In total, more than 670 U.S. passport holders gave up their citizenship — and with it, their U.S. tax bills — in the first three months of this year. That is the most in any quarter since the I.R.S. began publishing figures in 1998. And it is nearly three-quarters of the total number for all of 2012, a year in which the wealthy songwriter-socialite Denise Rich (christened “Lady Gatsby” by Yachting magazine) and Facebook co-founder Eduardo Saverin joined more than 932 other Americans in tossing their passports. …Expatriations first picked up pace in 2010, when more than 1,530 Americans dumped their passports.
The problem is particularly serious for Americans who live and work overseas. The United States is one of the few nations (and the only developed_nation) to have “worldwide” taxation, which means overseas Americans have to pay tax to the IRS....
(Excerpt) Read more at finance.townhall.com ...
We are sticking around for a front row seat to the 1776 solution. Would not miss it for the world.
Who is John Galt?
If a company provides a better service I don’t care, but when the service is about the same and prices are good or better I go with the one that pays lower level workers more and upper level management less. Also, let’s not forget the stockholders who need to take more responsibility in this. I was very angry to learn that the top 7 executives in GE were paid salaries of from $11 to $22 million during the same period when the stock dropped from $50 to $5 a share, I think the dividend was also cut but would have to go back to my records to be sure. The executives took NO pay cuts.
Completely agree. It’s a socialist’s dream tax. It needs undoing.
How would you know what a CEO should be paid? What criteria is used in determining a CEO’s pay? How many compensation boards have you been on to glean this information?
You sound like a big-government conservative or a liberal. Take your pick.
No, I am a disgruntled stockholder who watched my GE shares drop from $50 to $5 a share, while the 7 top executives took no cut at all, in the 3 bad years, from their $11 to $22 million salaries. Our dividends were cut however. And they are not the only ones. I say we stockholders need to organize our power.
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