Wednesday, May 30, 2012

There goes John Galt

New York State accounted for the biggest migration exodus of any state in the nation between 2000 and 2010, with 3.4 million residents leaving over that period, according to the Tax Foundation. 

Over that decade the state gained 2.1 million, so net migration amounted to 1.3 million, representing a loss of $45.6 billion in income. Where are they escaping to? 

The Tax Foundation found that more than 600,000 New York residents moved to Florida over the decade – opting perhaps for the Sunshine State’s more lenient tax system – taking nearly $20 billion in adjusted growth income with them. 

But hey, if you're a liberal, you believe that if we can simply impose a national tax on those John Galt's, those awful nasty rich guys can't escape. Right?

Not so fast..............

Eduardo Saverin is not exactly your typical ex-American.

He's too rich to be that. But the newly minted Facebook (FB) billionaire, who renounced his U.S. citizenship last year in favor of Singapore, is part of a trend.

A small but growing number of Americans are turning in their passports.

Last year, the Treasury Department reported that 1,781 American citizens or long-time legal residents cut their ties with the U.S. This was up from 1,534 in 2010, 742 in 2009 and just 231 in 2008. There were 461 renunciations in the first quarter of 2012 alone. By comparison, the annual average for the 10 years from 1998 to 2007 was 497.


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