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It could have a massive impact if the ones renouncing are top earners, "Meanwhile, Americans in the highest 0.1 percent of all income-earners — these are the ve
by bretpiatt 13y ago
It could have a massive impact if the ones renouncing are top earners, "Meanwhile, Americans in the highest 0.1 percent of all income-earners — these are the very rich, with incomes of at least $1.974 million — paid 16.4 percent of the total federal tax burden.". ( source: http://www.weeklystandard.com/blogs/top-01-percent-pays-more-income-tax-bottom-80-percent_594000.html http://www.weeklystandard.com/blogs/top-01-percent-pays-more... )
Anecdotally this is happening, ex. Eduardo Saverin. ( source: http://www.forbes.com/sites/briansolomon/2012/05/11/eduardo-saverin-renounces-u-s-citizenship-ahead-of-mega-facebook-ipo/ http://www.forbes.com/sites/briansolomon/2012/05/11/eduardo-... )
- spullara 13y agoPopulation: 313.9 million Top 0.1%: 314,000 people Lose 5000: 1.6% Revenue paid: 16.4% Revenue loss: 0.26% Total federal rev: $2.7 trillion Total loss: $7 billion
- vacri 13y agoThe article is stating that the exflux is due to the additional difficulty of hiding assets, so it's not at all like this is a straight loss.
- madaxe 13y agoThey are. I know more than a few ex-US cits who're now exiled in Uruguay (they're pretty uncooperative, which is great for a tax haven), and all of them have a net worth well in excess of $1bn. So it's not the 0.1%, it's the 0.00001%, and they've all been jumping the country for the last few years. Uruguay now has several valleys full of "ranches" (shacks), which said exiles own and visit once in a while in order to retain their domiciled status.