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Old 11-14-2012, 10:24 PM
 
Location: Del Rio, TN
39,792 posts, read 26,275,683 times
Reputation: 25642

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I was talking with a business owner in town last weekend. He said that two other business owners locally were liquidating their businesses, cashing out, renouncing their citizenship and moving to lower tax countries. The term "Going Galt" comes from Atlas Shrugged and refers to people of ability going "on strike" and refusing to work under untenable conditions. This conversation got me wondering...just how prophetic was the book? And how much is this really going on? 30 seconds of googling came up with the following articles:

Queens Crap: Rich folk leaving USA in droves

The wealthy are pulling up stakes- MSN Money

http://roaringrepublican.com/blog/20...-are-too-high/

http://nation.foxnews.com/wealthy-pe...eet-fleeing-us

Americans renouncing US citizenship to avoid stiff tax bills - NYPOST.com

Denise Rich gives up U.S. citizenship in favor of low-tax Austria * - New York Daily News

So...what do you predict? In the near future will we see a large exodus of smart, successful people cashing out and leaving the country? I would hope it wouldn't come to this, but it certainly is foreseeable.
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Old 11-14-2012, 10:33 PM
 
Location: Stillwater, Oklahoma
30,976 posts, read 21,477,869 times
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How about moving to states with lower taxes? Like Texas?
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Old 11-14-2012, 10:34 PM
 
5,261 posts, read 4,137,435 times
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Good, we have enough entitled whiners in this nation already. And I mean "entitled" in a true sense of the word.

This should free up room for some young upstarts with a stronger sense of patriotism. Any pointers on what might give them an extra pod to flee for Monaco?
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Old 11-14-2012, 10:35 PM
 
5,261 posts, read 4,137,435 times
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Quote:
Originally Posted by StillwaterTownie View Post
How about moving to states with lower taxes? Like Texas?
I wouldn't wish that on my worst enemy.
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Old 11-14-2012, 10:36 PM
 
12,669 posts, read 20,379,313 times
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Quote:
Originally Posted by StillwaterTownie View Post
How about moving to states with lower taxes? Like Texas?
Federally mandated taxes on the rich are everywhere!

This is going to hurt jobs in this country.
But then again when 26billion went to Mexico leaving our economy nobody cared!
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Old 11-14-2012, 11:01 PM
 
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Same as with France.

They demonize those who pay taxes to support Obama's rag tag coalition of losers, so why shouldn't they go Galt?
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Old 11-14-2012, 11:08 PM
 
17,468 posts, read 12,868,170 times
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If a person moves out of the country they still have to pay taxes don't they? If a person renounces their citizenship does this let them off the hook of ever paying taxes here?
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Old 11-15-2012, 12:06 AM
 
Location: Del Rio, TN
39,792 posts, read 26,275,683 times
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Quote:
Originally Posted by 3~Shepherds View Post
If a person moves out of the country they still have to pay taxes don't they? If a person renounces their citizenship does this let them off the hook of ever paying taxes here?
Yep, as long as they take their wealth with them.
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Old 11-15-2012, 12:10 AM
 
Location: Del Rio, TN
39,792 posts, read 26,275,683 times
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Quote:
Originally Posted by StillwaterTownie View Post
How about moving to states with lower taxes? Like Texas?
Jobs, particularly in manufacturing, have been leaving business-unfriendly states and moving to more advanced ones for decades. I grew up in New York state, it was common to see mile after mile of rusty factories and abandoned warehouses. Same in NJ and Michigan. Yet when I visit my brother's place in Alabama, you see a great deal of new construction of manufacturing facilities. To an extent, the same is true where I am now (Idaho), businesses have moved in from high-tax California and Washington regularly. Though we have lost a lot of traditional resource-based (logging) industry. From what I understand, Texas is also open for business, with a host of new manufacturing companies opening up.

Still, it doesn't matter how pro-business the state is if the federal government taxes and regulates business into bankruptcy. At some point business owners have to sell out while they can. Hopefully we haven't crossed that threshold.
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Old 11-15-2012, 12:15 AM
 
5,764 posts, read 11,592,798 times
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Very few people in any given year actually renounce their citizenship. I'd take notice if the number reached a million in a year, rather than a low thousands it has traditionally been for years and years. Until then, it's pretty much all bluster.

Besides, if people are vacating businesses that are actually profitable and serving economic demand, other businesses would simply move in or expand, and take over that demand. You don't eliminate demand by shutting down a business.
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