Thursday, February 14, 2013

More Renounced U.S. Citizenships in Previous 4 Years than Entire Bush Presidency

The number one reason listed for renouncing U.S. citizenship and leaving the country? Increased taxes. And the number of ex-patriots for a single year is higher in 2011 than any other year, except 1997, which was during another uber-lefty administration (1,781 v 1,882, respectively).

But even if you add in all the hollyweird liberal types who promised to leave if Boooshitler was elected - but didn't during that time frame - the numbers who left the good 'ol U.S. of A. during Obama's first term is still a far and away greater than those that left under George Bush. Yet oddly enough, this article never once mentions the man most responsible for punishing success, demonizing the wealthy, and raising taxes these previous 4 years: Barack Obama.

From Yah00 Finance:
"But the wealthiest households face the highest tax increases. From 2009 to 2011, the number of expatriates, or those who renounced their U.S. citizenship, doubled to 1,781.

Nigel Green, CEO of deVere Group, which provides financial services for expatriates, said that since the start of this year, 48% more of his clients in January than in a typical month inquired about moving funds abroad and the possible tax implications of changing citizenship.

The income tax rate rose this year to 39.6% from 35% for individuals earning more than $400,000 a year and married couples earning more than $450,000.

The Tax Policy Center estimated that those who earn more than $1 million would pay an average of  $170,341 more in taxes.

Green said there’s a tipping point for most people with regard to tax issues affecting their choice of location and citizenship. “If there’s only 10% tax [on income], no one would be leaving. But if there’s 90%, then most people would leave,” he said.

Federal taxes aren’t the only issue, though. Increases in state income tax rates factor into these decisions as well. Recently, California enacted Proposition 30, which raised state income tax rates to 10.3% from 9.3% for individuals making at least $250,000 and 13.3% from 10.3% for those earning at least $1 million. Golfer Phil Mickelson publicly voiced his concern over the tax increases and threatened to leave California because of the higher rates."
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