When will government learn it can't tax citizens beyond their willingness to pay? Politicians must believe that they can tax anyone at any rate they want, to support their bloated spending promises that likely got them elected. New York City passed the “millionaire tax” and Rush Limbaugh joined thousands of other New Yorkers who moved to Florida in the past 10 years, a state with no personal income tax, no estate tax and no inheritance tax. Eduardo Saverin, co-founder of Facebook, renounced his U.S. citizenship to become a resident of Singapore, avoiding millions of dollars of taxes he would have owed when Facebook's IPO launched. Gerard Depardieu, the French actor, moved across the border to Nechin, Belgium, where 2,800 other Frenchmen live, became a Russian citizen and now pays a 13 percent flat tax, avoiding a 75 percent French tax on higher earnings.
Politicians even flee their own fleecing. John Kerry avoided about $500,000 of taxes by docking his yacht in Rhode Island rather than near his house in Massachusetts. Even Al Gore attempted to avoid taxes by selling his TV network to Al-Jazeera in 2012 to avoid the new capital gains tax from Obamacare and the “fiscal cliff” bill. Gore didn't quite make the deadline; the deal was inked in 2013, so now he can now celebrate about a $9 million tax increase. With the extra tax liability, he must be the happiest guy on the planet!
Fact is, people can't be taxed beyond their willingness to pay.
Randy Wedel, Stillwater