Richardcyoung.com

The Online Home of Author and Investor, Dick Young

  • Home
  • How We Are Different
  • About Us
    • Foundation Principles
    • Contributors
  • Investing
    • You’ve Read The Last Issue of Intelligence Report, Now What?
  • Your Survival Guy
  • The Great Reset
  • COVID-19
  • My Rifles
  • Dividends and Compounding
  • Your Security
  • The Swiss Way
  • Dick Young
  • Debbie Young
  • Key West
  • Paris
  • Dick’s R&B Top 100
  • Liberty & Freedom Map
  • Bank Credit & Money
  • Your Survival Guy’s Super States
  • NNT & Cholesterol
  • Work to Make Money/Invest to Save Money
  • Your Health
  • Ron Paul
  • US Treasury Yield Curve: My Favorite Investor Tool

America: The Poor Want In, but The Rich Want Out

May 2, 2017 By Richard C. Young

A lot of attention is given to illegal immigration in the U.S. and rightly so. But another problem that could have even greater effects is the expatriation of wealthy Americans looking for lower taxes. The number of Americans leaving the U.S. has set records for the last four years in a row. According to the tax law firm Andrew Mitchel LLC, “the escalation of offshore penalties over the last 20 years, (which) is likely contributing to the increased incidence of expatriation.”

Patrick Chougule writes in The American Conservative that America’s top 1 percent pay more than 39% of the country’s personal income taxes. It’s not hard to see why these wealthy Americans would feel the urge to head for a friendlier locale. He continues:

The latest IRS data reveals that the top 1 percent of earners pay over 39 percent of total personal income tax revenues, while the top 5 percent pay 60 percent. Trump’s proposed reduction of the top personal income tax rate from 39.6 percent to 35 percent—the same rate that prevailed as recently as 2012 when Barack Obama and Nancy Pelosi were in charge—would not fundamentally change this equation.

What might change, however, is the willingness of the rich to keep paying their taxes in the first place. The fact that a Republican-controlled government will not even propose a rate below 35 percent sends an unambiguous message to the wealthy. America has arrived at a new national consensus: a populist Republican Party now agrees with the Democrats that a tiny sliver of Americans should pay for everyone else’s entitlements.

This paradigm shift should concern even those who otherwise agree with White House chief strategist Stephen Bannon that “all this theoretical Cato Institute, Austrian economics, limited government…doesn’t have any depth to it.” There’s nothing theoretical about the fact that the wealthy—and the aspiring rich—have unprecedented opportunities to move their money abroad, beyond the reach of the IRS. Whatever fantasies of “social justice” or “economic nationalism” Washington is dreaming up, the game is over once the wealthy take to the shores of other countries less enchanted with Robin Hood economics.

Read more here.

If you’re willing to fight for Main Street America, click here to sign up for my free weekly email.

Related Posts

  • Poor Are Poor because Rich Are Rich?
  • Happy Independence Day America!
  • Rich States, Poor States and Class Warfare
  • Author
  • Recent Posts
Richard C. Young
Richard C. Young is the editor of Young's World Money Forecast, and a contributing editor to both Richardcyoung.com and Youngresearch.com.
Latest posts by Richard C. Young (see all)
  • Trump Channeled Pat Buchanan to Win GOP Primary - February 6, 2023
  • COVID: Demand Accountability for the World’s Biggest Ponzi Schemers - February 6, 2023
  • Will Biden Start Wars with Both Russia and China? - February 6, 2023

Dick Young’s Must Reads

  • “The Goal”: Strong Families, Resilient Faith, Thriving Middle Class.
  • The Swiss Way
  • Joel Salatin: Meet the Real Mr. America
  • Florida: Enjoy Certain Freedoms and Individual Liberties
  • V4 Stands Against North African and Middle Eastern Invasion
  • Vermont Abandoned, Dairy Farm Economy Devastated
  • Your Best State on Guns, Plus the 8th Wonder of the World
  • Your Life on Main Street will Never be the Same
  • Work to Make Money/Invest to Save Money
  • The County Sheriff: America’s Last Hope

Disclosure

RSS Youngresearch.com

  • What Your Survival Guy Invested in Today
  • Your Retirement Life: Adventure Awaits
  • UK Takes Aim at the Cryptocurrency Industry
  • Early Advice from Her Dad on Tipping at Charlie Trotter’s
  • Do You Trust This Rally?
  • Reagan’s America Remembered by Your Survival Guy and More
  • What Happens if the “Fed Put” Is Over for Good?
  • Tom Brady Retires, Again. Should You?
  • What Kind of Life Are You Investing For?
  • Warren Miller: If You Don’t Do It This Year, You’ll Be…

RSS Yoursurvivalguy.com

  • What Your Survival Guy Invested in Today
  • Your Retirement Life: Adventure Awaits
  • Zumwalt-Class Guided Missile Destroyers to Get Hypersonic Weapons
  • Early Advice from Her Dad on Tipping at Charlie Trotter’s
  • Treasury Bonds Ready to Rock and Roll
  • Survive and Thrive February 2023: 4 Life Changing Words: “You Should Try This”
  • Tom Brady Retires, Again. Should You?
  • Reagan’s America Remembered by Your Survival Guy and More
  • America’s Unprecedented Debt Problem
  • Iran’s Ballistic Missiles Could Give Russia the Edge in Ukraine

Trump Channeled Pat Buchanan to Win GOP Primary

Hang Tight or Hang Alone

What Your Survival Guy Invested in Today

COVID: Demand Accountability for the World’s Biggest Ponzi Schemers

Will Biden Start Wars with Both Russia and China?

Price Controls Won’t Work in Any Country

Copyright © 2023 | Terms & Conditions | About Us | Dick Young | Archives