As sad as it seems, ever increasing numbers of American citizens are renouncing their citizenship. The reason seems apparent-taxes. Wonk Wire has more…
“The number of U.S. taxpayers renouncing citizenship or permanent-resident status surged to a record high in the second quarter, as new laws aimed at cracking down on overseas assets increase the cost of complying and the risk of a taxpayer misstep,” the Wall Street Journal reports.
“A total of 1,130 names appeared on the latest list of renunciations from the IRS… That is far above the previous high of 679, set in the first quarter, and more than were reported in all of 2012.”
This is Atlas…Shrugging. Sadly, if taxes were more simple and reasonable, the government would get tax income from these people. However, since they are less than reasonable, the government gets nothing.
Isn’t this like liberals though? They claim that people aren’t paying their “fair share,” so either economic activity slows, stops, goes underground, or goes overseas, and the government gets less and less. Since this happens in each and every circumstance in which it is tried, we have to assume that either they mean to destroy the system by punishing economic activity, or it’s chronic and complete stupidity, and a near complete break with reality.