This year, nearly half of US households will escape the federal income tax. That's a pretty sweet deal if you can get it, but for those who pick up the slack, redistribution feels more like robbery.
As the IRS gets tougher on the more productive segment of our population, more Americans are severing U.S. Ties.
According to the Wall Street Journal, the number of people who renounced U.S. citizenship or permanent residency in the fourth quarter of 2009 (the most recent period for which data are available) was twice as large as the total number expatriations in 2008.
There are complicated reasons for this development, but as tax day approaches, this news might encourage more Americans to think about looking for greener pastures.
Which nations enjoy the most economic freedom? Here are the top 5, according to the Heritage Foundation:
- Hong Kong
- New Zealand
Sadly, the U.S. of A. is only #8.
The Heritage Foundation's 2010 Index of Economic Freedom was determined on the basis of ten components: business freedom, trade freedom, fiscal freedom (based on tax rates), government spending, monetary freedom, investment freedom, financial freedom (determined by government influence), property rights, freedom from corruption, labor freedom.
Question of the day:
If you were to leave the United States to go live somewhere else, where would you go?