Based on official Renunciation Data, published quarterly in the Federal Register, formal renunciations of US citizenship have increased almost 8-fold, since Barack Obama took office. In 2011, formal expatriations reached a record high level, more than doubling the highest level recorded in any year prior to Obama taking office.
So why is this an issue?
Well that question can easily be answered with another question.
“How may of those expats do you think are poor?”
Let’s face it. The poor can’t afford to leave the USA. The vast majority of those who are leaving are almost certainly at least moderately well off and more likely, seriously well off.
But it gets worse.
Now that Obama has been re-elected, he’s promising to further “Soak the Rich”. This means that if congress doesn’t take positive action to reverse Obama’s “Soak the Rich” agenda, then there will be many more successful people leaving over the next 4 years.
But what makes this far worse is the fact that these are the job-creators and the people who pay more than 70% of Federal Personal Income Taxes. Think about it. When did you ever get hired by a poor person?
But that’s still not the worst. You see, for every US citizen who formally renounces, there are hundreds or even thousands more, who just quietly drop out. A 2008 press release fro Zogby International placed the number leaving every year at more than 3 million, “by a modest estimate.
Barack Obama is driving away our most prolific taxpayers and job creators. Of course, the more of them who leave, the more the government will look to those of us who remain, to make up that lost tax base. But then, with fewer people working, those who still have a job will have to pay even higher taxes to make up the difference.
For more information on this important issue, read, “The Rich Don’t Pay Tax! …Or Do They?“, available in print, Kindle and Nook formats.