The wealthy are pulling up stakes
Multimillionaires can live just about anywhere they please, and many of them are leaving countries with onerous taxes or political instability. Here's where they're going.
And we're not talking about the weather. Many multimillionaires are seeking places with better tax rates to preserve their cash. Perhaps they're looking for more political stability or just a better place to live.
So are they coming to the United States?
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Not in the case of Edoardo Saverin, the Facebook (FB) co-founder who has renounced his U.S. citizenship and now lives in tax-friendly Singapore. It's unclear exactly how much of Facebook Saverin owns. Estimates range from the 2% stake suggested by The Wall Street Journal to the 4% stake estimated by The Los Angeles Times. At any rate, Facebook's IPO has added billions to his bank account.
Singapore doesn't have a capital gains tax, which makes life very comfortable for the ultra-rich. And many wealthy foreigners are flocking to the country as a result.
As above the video shows, some of the wealthiest residents of France are seeking to flee the country's punitive taxes. As European nations struggle to find financial footing, the rich are finding themselves the target of extreme tax hikes. The French are seeking a haven in Switzerland, another tax-friendly country.
But America is still attractive to some global millionaires. The wealthy Chinese are moving here, CNBC reports, enticed by political stability, a less oppressive government and lucrative real-estate investments.
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- The top 1% pay 22.7% of taxes.
- The top 10% pay 50% of taxes.
- The top 20% pay 65.3% of taxes.
- The top 40% pay 84.3% of taxes.
- The bottom 20% pay 1.1% of taxes.
- The bottom 40% pay 6.1% of taxes.
How is that working out for you?
BIg Government, higher taxes, less jobs.
Pretty much what I expected out of the current administration.
I saw a great bumper sticker while driving to work: OBAMA - Because everyone else deserves what you worked for. That about sums it up!
" It all comes down to one thing...are you tired of the rich getting all the bailouts and us working men getting nothing? "
NO IM TIRED OF YOUR SPAM GTFO
I love it...this is the true cost of a liberal President. He appeals to the ignorant populace, but is too stupid to understand the country needs the rich more than the rich need the country.
"Time for you to pay your fair share".
Yeah - let me know how that works out for you.
Why would any business person want to stay here and pay more in regulatory costs, EPA costs and Obama's vote buying handout programs.
Some Idiot wrote about the wealthy " don't let the door hit you on the way out" "once they (the rich) all leave we can have what's left"
What an dumb Idiot
Once they all leave...you PIN Head we'll be like Mexico.
I live in MA and I work with many people who changed their primary residence to Florida to escape MA taxes. Many of the people have confided they don't really like Florida but theysave so much money it would be foolish not to go for 6 months a year. Politicians have to realize that people have choices where they live and open businesses and will make financial decisions which are best for their families. I used to work with many small businesses in NY which moved out of the area due to the state and city taxes on top of their federal taxes. People are sick of working harder only to have some political hack waste their money.
Thankfully, many of them are just moving to tax-friendly and business-friendly states like Florida, Texas, and Indiana. Anybody who thinks that raising taxes on the "rich" is going to increase government revenue simply hasn't thought things through. Instead of hating people who make more money than you, either be content with what you have or find a way to make more yourself.
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