Wealthy Americans jumping ship?

Question

Obama has been attacking the wealthy since he took office. Is this the result?

Wealthy Americans aren’t just leaving tax-heavy states like New York and California, they’re leaving the country.

U.S. citizens are defecting at record levels in order to escape high taxes, the New York Post reported. About 8,000 U.S. citizens are projected to renounce their citizenship in 2012, or about 154 a week — versus 3,805 in 2011, or about 73 per week, according to immigration officials, the Post reported. 

They want to avoid tax bills resulting from the proposed 55-percent hike on the wealthy and the anticipated expiration of the Bush-era tax cuts at the end of the year, the Post reported.

“High-net-worth individuals are making decisions that having a US passport just isn’t worth the cost anymore,” Jim Duggan, a lawyer at Duggan Bertsch, which specializes in protecting assets of the wealthy, told the Post. 

“They’re able to do what they do from any place in the world, and they’re choosing to do it from places with much lower tax rates," he said. "Some are philosophically disgusted at the course our country is taking in all kinds of ways. They’re making a strong protest of, ‘Enough is enough.’ But largely it’s an economic decision.”

But to leave means finding a new country and obtaining citizenship and there are many that are eager to welcome wealthy Americans, such as Australia, Norway, Singapore, Cayman Islands, Costa Rica, and Antigua, according to the Post. 

These countries tend to offer a fast track to citizenship and protections from the Justice Department and IRS.

http://www.newsmax.com/Newsfront/wealthy-Americans-defect-Obama/2012/06/24/id/443252?s=al&promo_code=F486-1

Anonym · Accepted Answer

Of course they are.  This regime has been attacking, maligning and persecuting successful Americans since before day 1.  Fleece the wealthy, lose the wealthy.  It's as simple as that.

Anonym · Answer

Wait. Wait. Wait, wait, wait. You are trying to tell me that to escape horrible Muslim atheist Socialist warlord Obama the rich are moving to Norway, aka nanny government paradise with an astronomical tax rate? Isn't that kind of, you know, contradictory?

UNLESS, the rich are as you say moving out because they are the ones who can. But MAYBE they are NOT moving out because of Obama, but because of INFLATION. Their money is worth less. Simple as that. With the harrowing US debt and financial crisis, you would naturally want to avoid your fortune's falling value and the reduced income the financial crisis brings (unless of course you are one of those banking magnates who caused the crisis in the first place, in which case you would probably be busy wiping your behind with 100$ bills). By moving yourself and your assets to a country without the same level of inflation that is not too affected by the financial crisis, you can retain you fortune's value while probably keeping income relatively high despite the higher income taxes.

Anonym · Answer

The reason Obama's money support is off is that banking and wall street are concerned that when he wins the election there will be reform. They figure banking reform and wall street regulations will hurt the bottom line and they want to let him know not to be too restrictive. Everyone is expecting it to happen and its a matter of just when after the election.

Anonym · Answer

OH!!!!!!!!!!!!!!!  Weep for the Wealthy!!!!!!!!!!!!!!!!!!!!!!!!!!!

With that Obama in the White House, your favorite Billionaire might not be able to afford that 4th or 5th summer home he needs!!!  OH!!!!!!!!!  How Can It Be?

Wealthy Americans jumping ship?

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