Wealthy Americans Jumping Obama’s Ship

Sunday, 24 Jun 2012 12:46 PM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
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.

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Rush Limbaugh's Call Screener: Liberalism 'Horrific' to Black Communities

Sunday, 21 Sep 2014 22:23 PM

Calling liberalism's effect on black communities "horrific," the longtime call screener for Rush Limbaugh says that for  . . .

Activist Suing Over NYC Refusal to Put Anti-Jihad Ad on Buses

Sunday, 21 Sep 2014 20:00 PM

Activist Pamela Gellar is suing the New York City transit agency for refusing to place her anti-Jihadist ad on the city . . .

Panetta: Obama Wrong on Iraq Pullout, Failure to Arm Syrians

Sunday, 21 Sep 2014 19:36 PM

Former Defense Secretary Leon Panetta says his old boss, President Barack Obama, erred when he failed to leave a residua . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved