Those Fleeing Obama’s America: Prepare to be taxed
– David Rushton (Bio and Archives) Wednesday, November 28, 2012
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Senator Charles Schumer has recently proposed a new law to tax Americans heavily for leaving the United States. It was in reaction to the news that Eduardo Saverin, co-founder of Facebook, had renounced his American Citizenship and was taking his $2 billion dollars in capital gains with him.
Schumer proposed to tax him 30%. Sadly John Boehner, Republican, Speaker of the House (I still think he’s a disguised Democrat), said he would support the measure.
Schumer must thank Adolph Hitler for this idea. The Fuehrer instituted the Reichsfluchsteuer tax of 25% on Jews leaving the Fatherland in the 1930s. So Herr Schumer has merely taken the basic idea and upped it by 5%.
Richard Samuelson, history professor at California State University, San Bernardino, quoted by National Review points to the historical significance of Schumer’s bill.
“Schumer’s attack is fundamentally misguided, and reveals a disturbing attitude toward private property. Should it impose such a tax, the American government would be saying that property is no longer truly private.”
He goes on to point out that George Washington, in January 1777 made the heart-rending decision to allow his followers to cross to the English side and take all of their property and savings with them if they felt they would be better off under the rule of the King. This was one of the darkest periods of American history, but Washington knew that liberty was of paramount importance and felt he had no right to impound the property of the settlers. His followers were fighting for the liberty to live where they pleased and to be free of arbitrary taxation. Why should it be different now?
It is my opinion (and only my opinion at this point) that starting very soon the IRS will begin collecting an exit tax of up to 30% on any of your savings leaving the country. The first stage would be to tax only very large assets but later I believe the ceiling will come down to cover even modest nest eggs because this government is in deep financial trouble. Obama and the Congress continue to spend money at an alarming rate and only your savings can pay the bills.
But you still have time to avoid it.
During the 2007 legislative year of the US Congress, a bill entitled “Tax Collection Responsibility Act of 2007” almost became law. This bill sought to impose an exit tax on all persons leaving the USA to take up residence abroad and thereby renouncing permanent resident status in the US, or people who renounced their US citizenship.
It was introduced by Rep Charles Rangel (Harlem NY), and co-sponsored by Representatives Earl Blumenauer, Joseph Crowley, John Larson, Sander Levin, John Lewis, Jim McDermott, Kendrick Meek, Earl Pomeroy and Chris Van Hollen. You will be amazed to learn that all of these Congressmen are Democrats. Not one Republican sponsored this bill.
As an Independent Republican who thinks that most Democrats are 100% wrong about practically everything, I almost hesitate to mention that I actually liked some things…………