Wealthy Americans Fleeing To Escape Collapse

[tenthertoo]

James Cameron - Avatar director

“Cameron’s decision fits the trend of wealthy Americans pulling their money out of the country and reinvesting it to buy land in the southern hemisphere, escaping spiraling tax rates and protecting themselves against the potential for widespread social dislocation.”

» Cameron Fleeing America To Escape Collapse? Alex Jones' Infowars: There's a war on for your mind!

 

[Claudette]

Shit. If I were filthy rich I'd move too.

Wonder who they are gonna hit with higher taxes if all the rich leave??

Middle class anyone??

 

[kaz]

Shit. If I were filthy rich I'd move too.

Wonder who they are gonna hit with higher taxes if all the rich leave??

Middle class anyone??

It's pathetic. Taxes are only the start. As an employer, the red tape is endless. I cringe every time I get a letter from a government agency what the next hoop they'll make me jump through to feed their insatiable appetite to screw businesses. That they care about jobs is a shallow, pathetic, lie. They care about control.

 

[Katzndogz]

The rich leave, then renounce their citizenship and pay no taxes at all.

http://economix.blogs.nytimes.com/2011/06/16/more-americans-are-renouncing-citizenship/

http://www.dailyfinance.com/2010/07/20/more-rich-americans-renounce-u-s-citizenship-for-lower-taxes/

Democrats should write a book on how to become a third world country.

 

[Wiseacre]

Yeah, but we'll have income equality - we'll all be poor but by God we'll be equal.

 

[kiwiman127]

The US has one of the lowest tax rates of all the rich nations and tax rates in the US are at historical low rates.
These Americans who are fleeing because of taxes got their wealth because they lived in a country that gave them the opportunity to become wealthy. If their greed is that bad, well good riddance and see ya!

 

[tenthertoo]

Shit. If I were filthy rich I'd move too.

Wonder who they are gonna hit with higher taxes if all the rich leave??

Middle class anyone??

It's pathetic. Taxes are only the start. As an employer, the red tape is endless. I cringe every time I get a letter from a government agency what the next hoop they'll make me jump through to feed their insatiable appetite to screw businesses. That they care about jobs is a shallow, pathetic, lie. They care about control.

YES

 

[California Girl]

The rich leave, then renounce their citizenship and pay no taxes at all.

More Americans Are Renouncing Citizenship - NYTimes.com

More Rich Americans Renounce U.S. Citizenship for Lower Taxes - DailyFinance

Democrats should write a book on how to become a third world country.

They don't have to renounce their citizenship, they just need to change their primary residence and ensure that they stay out of the country for the minimum time required to 'prove' their non-residence status.

 

[Decepticon]

The only problem with going to South America is that you're on the hook for ALL your services. Security, electricity, etc. The infrastructure in South America is NOWHERE near as robust as here.

Unless you trust the local cops that don't know you from adam and probably view you as a rich gringo who deserves whatever happens to them for flaunting their wealth.

 

[occupied]

Don't need them, never did, good riddance to bad rubbish.

 

[tenthertoo]

The only problem with going to South America is that you're on the hook for ALL your services. Security, electricity, etc. The infrastructure in South America is NOWHERE near as robust as here.

Unless you trust the local cops that don't know you from adam and probably view you as a rich gringo who deserves whatever happens to them for flaunting their wealth.

Yeah but Cameron went to New Zealand - that's where Limbaugh has been talking about.
The Southern hemisphere is very big

BTW note the NZ ads at the bottom of the window - hmmmmmm

 

[Decepticon]

What's to prevent those latin american countries from passing new wealth tax laws and taking their money?
Oh, nothing.

 

[boilermaker55]

James Cameron - Avatar director

“Cameron’s decision fits the trend of wealthy Americans pulling their money out of the country and reinvesting it to buy land in the southern hemisphere, escaping spiraling tax rates and protecting themselves against the potential for widespread social dislocation.”

» Cameron Fleeing America To Escape Collapse? Alex Jones' Infowars: There's a war on for your mind!

It's typical of bastards like this to take the wealth and drain the economy for their own greed and then leave. They have been doing it to companies for decades, nothing new here.
Let them leave. Then let's see how their money works in a country that they might have to pay taxes or pay for their own protection.

 

[occupied]

These people are the so-called captains of industry but they and their luggage are ahead of the women and children in the lifeboats, nice.

 

[imbalance]

The rich leave, then renounce their citizenship and pay no taxes at all.

More Americans Are Renouncing Citizenship - NYTimes.com

More Rich Americans Renounce U.S. Citizenship for Lower Taxes - DailyFinance

Democrats should write a book on how to become a third world country.

They don't have to renounce their citizenship, they just need to change their primary residence and ensure that they stay out of the country for the minimum time required to 'prove' their non-residence status.

That's always been the case but it will no longer be come Jan 1st, 2013. That's when Obama's capital controls act HR 2847 goes into effect. In short, this bill includes an amendment to the Internal Revenue Code that authorizes the US gov to withhold 30% off all deposits of US citizen owned accounts held in foreign banks.

The full text of the act can be found here with the Foreign Account Tax Compliance amendment beginning on page 27:

http://www.zerohedge.com/sites/default/files/HIRE act.pdf

 

[tenthertoo]

so far no one has commented on the most unsettling part of the original quote
" ... and protecting themselves against the potential for widespread social dislocation.”

 

[WillowTree]

The US has one of the lowest tax rates of all the rich nations and tax rates in the US are at historical low rates.
These Americans who are fleeing because of taxes got their wealth because they lived in a country that gave them the opportunity to become wealthy. If their greed is that bad, well good riddance and see ya!

so what will ye leeches dew when your teats drained dry?

 

[occupied]

so far no one has commented on the most unsettling part of the original quote
" ... and protecting themselves against the potential for widespread social dislocation.”

It's going to happen no matter who is charge, especially if social services get slashed, people don't like to think about social programs being revolution insurance. but they really are. A hungry man is an angry man, when hunger really starts stalking our streets it's going to get pretty ugly faster than anyone is willing to admit. Yes there will be day when populist anger and despair boils over, some are actually trying to delay that day, while others are already practicing every man for himself.

I would also like to add that an outbreak of a particularly deadly flu strain would almost instantly throw the entire world into a state of chaos. The chances of such a pandemic are much higher in recent years since every government on earth capable of advanced biochemistry has engineered an airborne bird flu.

 

[8537]

Cameron left the US because of the oppressive top marginal tax rate of 35% that is assessed on everything over $372,000

So, he went to New Zealand, land of the free and home of the brave! A nation that does not oppress their rich, no sirree! They have incredibly low taxes! Check this shit out: They only assess a top marginal rate of 33%, applied to everything over about 100,000 US.

 

[Oldstyle]

Don't need them, never did, good riddance to bad rubbish.

Gee, Occupied...you Progressives have been telling us that the wealthy are the answer to all of our prayers. All we need to do is tax them enough and everything will be fine. So what happens to that theory if they all start leaving? If you'd like an example of how that DOESN'T work? Look no further than New Jersey when they passed their tax on millionaires.