Extortionist Tax System Causing a Growing Number of Americans to “Go Galt”

The number of American citizens and green-card holders severing their ties with the U.S. soared in the latter part of 2009, amid looming U.S. tax increases and a more aggressive posture by the Internal Revenue Service toward Americans living overseas. According to public records, just over 500 people world-wide renounced U.S. citizenship or permanent residency in the fourth quarter of 2009, the most recent period for which data are available. That is more people than have cut ties with the U.S. during all of 2007, and more than double the total expatriations in 2008. …Others are giving up their U.S. nationality to avoid tax increases in the U.S., as the government struggles under huge budget deficits. The top marginal tax rate is set to rise to 39.6% from 35% at the end of this year. A proposal to tax fund manager pay at ordinary income rates, instead of the 15% capital gains rate, is gaining currency in Congress. “Everybody sees the tax rates are going up. At a certain point, it gets beyond people’s pain threshold,” said Anthony Tong, a tax partner at accounting firm PricewaterhouseCoopers in Hong Kong. Unlike most jurisdictions, the U.S. taxes the income of citizens and green-card holders no matter where in the world it is earned.

http://www.cato-at-liberty.org/2010/04/18/awful-tax-system-causing-a-growing-number-of-americans-to-go-galt/

CovOps wrote:: just over 500 people world-wide renounced U.S. citizenship or permanent residency in the fourth quarter of 2009,

Only 500? Pretty pathetic, don't you think?

Extortionist Tax System Causing a Growing Number of Americans to “Go Galt”

Extortionist Tax System Causing a Growing Number of Americans to “Go Galt”

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