One of the cofounders of Facebook is renouncing his US citizenship because of high tax rates. With the tax rate rising to 40% from 33% this year, capital gains taxes rising, and foreign banks being required to report the funds of American citizens beginning Jan 1, he stands to lose nearly $2 billion in taxes this year alone.
His is a common story: An immigrant who came to the country, made his money and then left. Simple math says that for every immigrant who becomes a billionaire, hundreds of thousands, perhaps millions, remain poor and on government benefits.
The Laffer curve is being proven correct, as thousands of billionaires leave this country, taking their capital with them. We in the United States are destined to be living in a third world country by the end of the century, perhaps even by 2030.
His is a common story: An immigrant who came to the country, made his money and then left. Simple math says that for every immigrant who becomes a billionaire, hundreds of thousands, perhaps millions, remain poor and on government benefits.
ReplyDeleteCould you please clarify this paragreaph. You make it sound as if those ugly feriners came over here, raped our resources and then poof, left for a tax haven island.
You make it sound as if the money supply is a zero sum game"Zero-sum game
A type of game wherein one player can gain only at the expense of another player."
When in actuality, whenever a person expends energy to create products or services, that person is creating wealth?
The zero sum game is the itch that Occupy scum use to justify their actions. They convenietly ignore that fact that wealth creation comes from people that develop and sell products.
Steve
See tomorrow's post.
ReplyDeleteDon't worry - it's going to be much sooner than 2030. Heck, the Congressional Budget office says the country will cease to exist by 2027 if we don't change our spending trajectories.
ReplyDeleteNo, we'll be a 3rd world nation by 2020.
I've been considering that for a while now, and my meager holdings are significantly lower than Saverin's. At first I was considering the Bahamas, but their gun laws are like those of California. Now I'm thinking Costa Rica
ReplyDelete