Brain Drain, American Style
How's that "pay their fair share" thing working out for ya? Well:
The number of Americans renouncing their citizenship has more than doubled over the past year, from 3,805 in 2011 to about 8,000 in 2012. The Post does not introduce any hard data to establish the income level of these expatriates, but quotes a lawyer from a firm that “specializes in protecting assets of the wealthy” who explains that “high-net-worth individuals are making decisions that having a U.S. passport just isn’t worth the cost anymore.”
The cost of escaping American taxation is a 15 percent exit tax on all assets, while preferred tax-haven destinations include Australia, Norway, Singapore (where Facebook billionaire Eduardo Saverin headed) and the U.S. possessions in the Caribbean, where full-time residents pay an effective tax rate of just 3.5 percent.
Who are the Democrats going to hate when we're all out of rich people?