After reading about the new taxes President Obama wants to impose, and those that already exist, I thought of how much of a burden that imposes on people. I then fantasized about leaving it all behind and retiring on my own little island.
However, it did spark some serious thought about what people might do down the road. Many people came to the United States because of it's economic opportunities, but that appears to be fading. The US is no longer what it was economically, and the constant spending will have my children, and their children paying off the debt.
So, I wonder how many people will emigrate, or at least consider it for a financially better life elsewhere in the future? I realize the US is only one of a few countries that imposes taxes on it's citizens no matter where they live, so I suppose people would also have to renounce their US citizenship to get away from that. But the good old IRS rules say that if you renounce your citizenship just to escape taxes, then you have to pay a penalty.
So what happens if one has dual citizenship, is retired and wants to leave and is willing to give up his/her US citizenship? Wil this be a trend down the road?
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