Tax Exiles Flee America

Subject: Tax Exiles Flee America Mon Jun 30, 2014 4:31 am

Entrepreneurs are high-tailing it out of the United States, and it’s the politicians’ fault

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The U.S. government is driving some of its most productive citizens abroad. The only beneficiaries are countries such as Singapore and Switzerland, which offer sanctuary to Americans fleeing avaricious Uncle Sam.

Three years ago Eduardo Saverin, one of Facebook’s founders, joined 1,780 other Americans in renouncing their citizenship. Saverin’s case was particularly striking: Born in Brazil, he only gained U.S. citizenship in 1998. But heading overseas allowed him to reduce the federal government’s take when his company went public.

Some people have always been ready to leave the United States. A half-century ago, actor Yul Brynner switched his nationality to Swiss after battling the IRS. Today the number of tax exiles is increasing again.

Just 231 people gave up their citizenship in 2008. Last year the number was 2,999, more than three times as many as in 2012. The number for the first three months of 2014 was 1,001, up from 679 for the first quarter of last year. Of course, not everyone admits to leaving to escape the tax man. In 2013 Tina Turner relinquished her citizenship after living in Switzerland for nearly two decades; she merely noted that she didn’t intend to reside in America again. But if that was her only reason, why did the 74-year-old bother with the paperwork?

Tax flight is not an option for most people. We don’t earn enough to switch countries. However, the rich have more choices internationally. And increasingly they’re saying “sayonara” to these shores.

http://www.fee.org/the_freeman/detail/tax-exiles-flee-america

Tax Exiles Flee America

Tax Exiles Flee America

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