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How Governments Keep You (and Your Money) From LeavingRyan McMakenMises Institute Jun. 05, 2015 |
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 The IRS reports that more people renounced their US citizenship during the first quarter of 2015 than during any other quarter in history. Notably, a sizable portion of those renouncing their citizenship are doing so to escape heavy taxation. The United States is the only country other than the military dictatorship of Eritrea that taxes its citizens living abroad on all forms of income. Interestingly, it is the wealthy (i.e., generally the most economically productive members of society) who are leaving permanently, and the fact that the US is driving out its wealthiest members is not a good sign for the long-term prospects for the country. It is also the opposite of what happens in a country with a healthy respect for private property and basic human freedoms. Read More |
