Barack Obama tells us that he will boost U.S. revenue by raising taxes on the rich. But the only nations that will see an increase in revenue, due to the president's "Soak the Rich" agenda, will be other nations.
Obama's mantra, since before he was elected in 2008 has been, "Soak the Rich."
But let's look at where his demonizing of the wealthy and attempts to punish their success have led.
The above chart is based on a count of the names that appear in what has become widely known as the "Taxpatriate Lists." These lists are published quarterly in the Federal Register and contain the names of every U.S. citizen who renounced his U.S. citizenship during the prior quarter. You can find links to all of these lists at ActionAmerica.org.
Perhaps it's time for Obama and Congress to take a serious look at the FairTax, since it would reverse this trend and actually encourage the world's wealthiest people and businesses to relocate in the U.S., where their taxes would help us all.
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