Who would you rather see packing their bags on November 7, 2012? Obama or the people who pay the taxes?
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Posted on by October 1, 2012

Packing Day:  November 7, 2012
Who Will It Be?

On November 7, 2012, someone is going to start packing their bags and the choice is yours. Will it be Barack Hussein Obama, who has never held or created a single real job or the people who pay the lion’s share of the taxes in the USA and who have created and will continue to create jobs wherever they go?

We can’t have it both ways. Successful people know that if re-elected, Obama will re-double his efforts to punish success. So if it is not Obama who is sent packing, it will be successful people who will start packing their bags, in preparation for moving to a jurisdiction that will respect them for the large amount of taxes that they will pay and the many jobs that they will create in their new country.

The top 10% of US personal income taxpayers are responsible for paying more than 70% of all federal personal income tax and lots of other taxes. More than half of that is paid by just the top 1% of US taxpayers.

According to a 2008 press release from Zogby International, more than 3 million Americans “relocate” outside the USA every year. Since it’s not reasonable to believe that someone not making at least six-figures could afford to comfortably move offshore, we have to conclude that most of those who are moving offshore are in at least the top 10% of income earners (those who earn at least $112,00 a year). So if just two-thirds of that 3+ million expats fall into that category, then it means that we are already losing about 14% of the top 10%, every year.

All indicators already suggest that the number of expats has gone up significantly, since Obama became President. You see, most expats never formally renounce their US citizenship. They just establish citizenship in some other country that appreciates them and the boost they bring to the economy and they stop paying US taxes. So short of another Zogby study, determining the actual numbers today is rather difficult.

But we have a very good indicator of which way expatriations are moving. Since 1996, the IRS has been required to publish the names of every US citizen who formally renounces his citizenship. In 2008, before Obama took office and the year of the Zogby report, there were only 231 formal expatriations and there had never been more than 762 in one year. Last year, there were a whopping 1782 expatriations and there were 1534, the year before. So Obama is already driving away our most prolific taxpayers and job-creators at an alarming rate.

But if he were to win re-election, expect those numbers to look small, by comparison, next year. The successful know that Obama has painted a target on their backs. They know that if he were to somehow be re-elected, he would double down on his “Soak the Rich” agenda and they don’t want to be here, if that happens.

So, if it isn’t Obama who is packing his bags on November 7, 2012, then count on it. Huge numbers of those who pay the lion’s share of US taxes and create all of the jobs will be packing theirs.

Why is this important?

It’s those of us who remain, who will have to make up the difference in taxes. But we can’t make up the jobs. After all, when did you ever see someone earning less than $100,000 hire anyone? Think about it…

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Formal Expatriations Spike Under Obama
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Posted on by September 22, 2012

Official records of the US government show that formal expatriations (renouncing US citizenship) have spiked dramatically under the Obama Administration.

Since 1996, the US government has been publishing in the Federal Register, the names of every person who formally renounces his US citizenship. Interestingly, the requirement to publish those names was part of a bill that had nothing to do with emigration, the “Health Insurance Portability and Accountability Act of 1996.”

The original idea of those in Congress, who promoted the publishing of those names, was that it would become a “List of Shame” and thus deter wealthy US citizens from leaving IRS jurisdiction. However, it hasn’t worked out quite that way.

In fact, not only have those quarterly lists not served to slow down the flight of the wealthy, they actually give ordinary people a window into US emigration that many in Congress would rather us not know about. Those lists provide us a metric by which to measure the effect of oppressive US laws and taxation, as they pertain primarily to wealthy people.

You see, all we have to do to see what the wealthy are thinking, is to count how many names appear on those lists each quarter. After all, how many poor people do you think are renouncing US citizenship?

But let’s get on to the numbers. Formal renunciations had been climbing slowly since the government began publishing that list, up through 2005. During that time, the year-to-year increase remained under 21%. Then for the next three years, the number of formal expatriations dropped dramatically. In 2008, the year before Obama took office, there were only 231 expatriations.

But as soon as Obama took office, formal expatriations began to skyrocket. In his first year in office, expatriations rose to 750, almost meeting the prior highest levels. Then the numbers climbed dramatically to record highs in the next two years.

In 2011, there were more formal renunciations of US citizenship (1782) than had occurred in the four years prior to Obama’s election (1742).

The latest versions of that list show that this trend is continuing today. In the first half of 2012, there were almost three times more formal renunciations (649) than there were in all of 2008, before Obama took office. In fact, it seems that the only thing that’s keeping the numbers from going far higher is that many of the wealthy are awaiting the results of the upcoming elections, before making their expatriation decision.

If Obama were to somehow pull out a win in November, expect formal expatriations of US citizens to skyrocket. Of course, most of those people will be among our wealthiest taxpayers.

Why is this important to the rest of us?

Those are the people who pay the vast majority of the taxes and create all of the jobs. More than 70% of US personal income taxes are paid by just the top 10% of taxpayers. As for jobs, when did you ever hear of someone getting a job from a poor person?

For those who are interested, you can find these lists by going to the Federal Register and searching for the term in quotes, “Quarterly Publication of Individuals”. Be sure to include the quotes.

For a more detailed examination of this subject, revealing just how critical this issue is becoming, I strongly encourage you to read, “The Rich Don’t Pay Tax! …Or Do They?”

Order your print version or download your eBook version now, using the links to the left.

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