HIGH PRICE TAG FOR LEAVING THE WRONG STATE OR COUNTRY
By Dr. Laurie Roth
December 9, 2012
Tax and Punish
As Obama and his demolition team raise more and more taxes, hidden, exposed, talked about and snuck everywhere, businesses and the wealthy are desperately looking for places to run to. Record numbers of millionaires are leaving the country and even giving up U.S. citizenship to avoid the extreme and growing tax bills. According to the New York Post, 8,000 US citizens sought to renounce their citizenship in 2012. This is up from 3,805 in 2011. Businesses and the rich see the Obama hammer coming down hard, demanding just about everything they have.
There is a growing price tag however for leaving the U.S. and renouncing your citizenship — a wonderful IRS gift – 15 percent exit tax on all your worth – assets, real estate, securities, businesses and personal things. Obama has demonized business owners and the wealthy from the beginning of his first campaign for President to today. They must pay more taxes…more — more and MORE! Never mind that the Middle class to Wealthy already pay the majority of all taxes, not the poor.
Recently I heard of a similar punishment tax offered up as legislation in California. Because record numbers of the wealthy and business owners are leaving the state due to out of control taxation and regulation, Legislators are in a panic. Their plan is to try and pass a bill that will restrict wealthy California folks and earners to face a huge penalty and ‘assessment’ on their real estate and other financial assets if they leave the state. Essentially, make it too costly to leave and turn them into rich slaves who work for the State’s redistribution of wealth plan – unbelievable!